Samsung, Quintiles Form Bio-Manufacturing JV

Samsung has formed a joint venture with Quintiles Transnational Corp., with $266 million of capital, in its first project in biopharmaceuticals. The three Samsung companies partnering with Quintiles, which includes Samsung Electronics Co., will own 90% of the venture and Quintiles will own 10%.

Initially, a factory will be built in Incheon, South Korea to produce biopharmaceutical drugs to treat cancer and arthritis on a contract manufacturing basis. Construction will begin during 1H11, with production expected to begin during 1H13. The company plans to develop a biosimilar of Rituxan, according to a Bloomberg report. Samsung also has plans to develop new biopharmaceuticals as part of its comprehensive 10-year investment plan.