Samsung Group to establish biomedical venture with Quintiles   2011-02-25 17:45:59 FeedbackPrintRSS

SEOUL, Feb. 25 (Xinhua) -- South Korea's top conglomerate Samsung Group plans to establish a joint biomedical venture with U. S. drugmaker Quintiles Transnational as part of its efforts to seek new businesses for driving growth.

The joint venture will be capitalized at 300 billion won (265.5 million U.S. dollars) and start building a plant in the Songdo district of Incheon in the first half of the year, Samsung Group said in a statement Friday.

Samsung Electronics, the group's flagship unit, and Samsung Everland will each own a 40 percent stake in the venture, with Samsung C&T and Quintiles holding 10 percent respectively.

The venture plans to begin supplying drugs for the treatment of cancer and arthritis in the first half of 2013, with the biologic products being sold overseas, the group said.

The group announced in May last year that it would spend 23.3 trillion won in five new businesses by 2020, with 2.1 trillion won for biomedicine and pharmaceuticals.

Samsung plans to expand its business into biosimilars, or copies of biomedicine, and begin producing them in 2016, Kim Tae- han, Samsung's vice president, said at a briefing.

"Samsung is considering the establishment of another joint venture to make biosimilars this year, but nothing has been decided yet," he added.

Editor: An
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