Samsung Biologics completes acquisition of Biogen’s entire stake in Samsung Bioepis

SEOUL-- Samsung Biologics Co., the biotech arm of South Korea's Samsung Group, said Wednesday it has completed the first payment to acquire the U.S. drugmaker's entire stake in Samsung Bioepis.

Earlier, Samsung Biologics reached a deal with Biogen to purchase the U.S. drugmaker's entire stake in Samsung Bioepis for US$2.3 billion. The payment for the shares is being made in installments over the next two years, and full ownership takes effect once the first payment of $1 billion is made.

With the acquisition, Bioepis is changed to Samsung Biologics' wholly-owned subsidiary with a sole management right.

Previously, Biogen owned 50 percent minus one share in Samsung Bioepis, the joint venture set up with Samsung Biologics in 2012 to develop and market biosimilars, cheaper copies of blockbuster drugs.

Samsung Biologics is the leading contract development and manufacturing organization specializing in the development and manufacturing of biopharmaceutical products for major pharmaceutical firms from both home and abroad.

For 2021, Samsung Biologics reported a net profit of 393.6 billion won (US$318.2 million), up 63.3 percent from a year earlier, on the back of the stellar performance of its flagship drugs.

Samsung Bioepis has successfully launched five biosimilars globally -- three autoimmune drugs and two oncology drugs. Four other biosimilars are in phase three clinical trials, with one new drug under development.

Samsung Biologics is currently building its fourth plant in Songdo, south of the western port city of Incheon, following major deals to manufacture products for major global pharmaceutical giants.

With the fourth plant's completion, Samsung Biologics will secure a combined bioreactor capacity of 620,000 liters, making it the largest contract manufacturing facility in a single location in the world.

Source: Yonhap News Agency