Reuters and Fierce Biotech report that Samsung will invest $264 M in a joint venture with Quintiles in Incheon, South Korea to pursue biosimilars. The venture will build a new plant for their CMO that they expect to be able to bring into production by 2013.
Samsung executive vice president Kim Tae Han said his company hopes to generate $1.8 B in revenue from biopharmaceuticals by 2020. Samsung says it will pursue other biotech deals in 2011 and will eventually try to produce its own drugs after gaining experience through this joint CMO venture.
Late last year, the South Korean government stated its intention to invest in the biosimilars industry. They set the goal of achieving 22% market share of a market estimated to be $14.5 B in 2015. The government plans to provide financial and institutional support for the industry, e.g. manufacturing facilities to support biotech. It will also name biosimilars as a "core green" industry. Korea expects this effort to add $2 B extra to GDP, $1 B to its exports, to create 120,000 new jobs and to spawn 5 globally competitive biosimilar companies.
Posted by Bruce Lehr Feb 26th 2011.