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Samsung Biologics and Biogen, an American biotechnology company, based in Cambridge, Massachusetts, signed a deal for the transfer of stake in Samsung Boiepis. The South Korean biotech firm headquartered in Songdo, Incheon, is buying all of Biogen’s stake in the biopharma company.
Samsung Bioepis was formed in 2012 via a joint venture between Samsung Biologics and Biogen. The latter owned a 15% stake at first, and in 2018, the percentage was increased to 50% as it extended its controlling rights in the company.
As per The Korea Herald, the acquisition of Biogen’s stake is predicted to help boost Samsung Biologic’s competitiveness in the global bio market. The value of the deal is ₩2.7 trillion or around $2.3 billion.
The total shares acquired are 10,341,852 units, and Samsung Biologics stated that the company’s board of directors approved the transaction. The payments for the stakes are set to be made in installments and will be paid over the next two years.
The full ownership of the shares will take effect once the first payment of $1 billion is completed. It was revealed that it was Biogen that forwarded a request for the buyout deal. Despite the acquisition, both companies said they would continue to work as close partners.
“We are thankful to Samsung Biologics for a productive collaboration since 2012,” Biogen’s chief executive officer, Michel Vounatsos, said in a press release. “We believe biosimilars are essential to help sustain healthcare systems and represent an important value creation opportunity for Biogen.”
With the transaction, Samsung Biologics Co. will take over and be in full control of Samsung Bioepis Co. since the deal is for the entire holdings of Biogen’s shares. Pulse News reported that the transfer of shares is set to take place on April 30, 2022.
Meanwhile, Samsung Bioepis is currently developing five biosimilar drugs that it will be launching worldwide. One of them is just waiting for approval and ready for marketing. The four other drugs are in the third phase of clinical trials. Two of the medicines are for oncology, and three are formulated for autoimmune.
