Samsung and Biogen enter agreement to develop biosimilars

Yesterday, Samsung and Biogen announced that they have entered an agreement for the development, manufacturing, and marketing of biosimilars. Samsung Biologics was created in April of 2011 to specialize in biopharmaceutical products; with Biogen's experience in biologics manufacturing, both companies predict and expect rapid success. Samsung is to contribute $255 million for an 85 percent stake while Biogen is to contribute $45 million for a 15 percent stake in the joint venture. The completion of the transaction, which is to take place in Korea, will be subject to conditions including antitrust clearance by U.S and Korean regulators.

SOURCE: Biogen Press Release