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Biotech / Medical : Biogen
BIIB 243.33-2.7%12:59 PM EST

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To: mopgcw who wrote (1672)12/6/2011 5:00:18 AM
From: nigel bates   of 1682
 
SEOUL, Korea & WESTON, Mass.--(BUSINESS WIRE)-- Samsung and Biogen Idec (NASDAQ: BIIB - News) today announced that they have entered into an agreement to invest $300 million to establish a joint venture to develop, manufacture and market biosimilars. Samsung will take a leading role in the joint venture, with Biogen Idec contributing its expertise in protein engineering and biologics manufacturing.

Under the terms of the agreement, Samsung will contribute $255 million of the $300 million for an 85 percent stake and Biogen Idec will contribute $45 million for a 15 percent stake in the joint venture. The joint venture, which will be based in Korea, will contract with Biogen Idec and Samsung Biologics for technical development and manufacturing services. Samsung Biologics is a Samsung business formed in April 2011 to specialize in biopharmaceutical manufacturing. The joint venture will not pursue biosimilars of Biogen Idec’s proprietary products.

“At Samsung, one of our goals is to help patients around the world by increasing the accessibility and affordability of existing medicines,” said Tae-Han Kim, Ph.D., CEO of Samsung Biologics. “Since many of the world’s top-selling drugs are biologics, developing and making high-quality biosimilars is critical to that goal. By combining Biogen Idec’s expertise in biologics with our business acumen and proven record of success in new business development, we are taking a significant step toward becoming a major player in the biopharmaceutical industry and investing in an important growth engine for our company.”

“The future of healthcare will continue to be driven by innovation, but it will also be about ensuring patients have access to cost-effective therapies, and biosimilars will play an important role in that,” said George A. Scangos, Ph.D., CEO of Biogen Idec. “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. We are very impressed with Samsung’s track record of leadership and excellence in all their businesses and are excited to be working with them.”

Completion of the transaction is subject to customary closing conditions, including antitrust clearance by the U.S. and Korean regulators.
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