Samsung to establish biomedical venture with Quintiles
Samsung Group is setting up a pharmaceutical joint venture with initial capital of 300billion won ($266million). The move is part of a planned 2.1trillion won investment plan into the sector and expansion into new business areas such as healthcare and green energy.
The group's units, including Samsung Electronics, will partner with bio and pharmaceutical services provider Quintiles in a bid to create a contract manufacturer that will produce treatments for cancer and arthritis. The South Koran company is also looking to develop biosimilars, generic copies of biotech drugs used to treat complex diseases like cancer.
Samsung will start building a plant in Incheon, South Korea, in the first half of 2010, with production expected in the first half of 2013.
Samsung Electronics recently bought a majority stake in local medical equipment maker Medison.
