Samsung will put bulk of money into Korea-based initiative to retain 85% stake.!--h2>
Biogen Idec and Samsung established a $300 million joint venture to develop and market biosimilars. The initiative, based in Korea, will be led by Samsung, which will contribute $225 million for an 85% stake. The venture will essentially contract with Biogen Idec and Samsung Biologics for technical development and manufacturing services, the firms state. However, it won't look to develop biosimilars of Biogen Idec’s proprietary products.
Samsung Biologics was established in April 2011 to specialize in biopharmaceutical manufacturing. “This relationship will allow us to leverage our world-class protein engineering and biologics manufacturing capabilities, while maintaining focus on our mission of discovering, developing, and delivering innovative therapies for patients worldwide with neurodegenerative diseases, hemophilia, and autoimmune disorders,” comments George A. Scangos, Ph.D., Biogen Idec CEO. “We are very impressed with Samsung’s track record of leadership and excellence in all their businesses.”