Samsung and Biogen Idec agreed to invest $300 million to establish a joint venture to develop, manufacture, and market biosimilars. The deal is Samsung’s latest effort to strengthen its position in biosimilars.

Under the terms of the agreement, Samsung will contribute $255 million of the $300 million for an 85% stake, and Biogen Idec will contribute $45 million for a 15% 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. Biogen will contribute expertise in protein engineering and biologics manufacturing. 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.

“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, CEO of Biogen Idec, in a press release. “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.”

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