Samsung to Set Up Biomedicine Venture, Make Rituxan Copies
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Samsung Group, the South Korean company whose businesses range from electronics to ship-building, will partner with Quintiles Transnational Corp. to make biologic drugs as it seeks new businesses to drive growth.
The venture, with 300 billion won ($266 million) in capital, will begin building a plant in the Songdo district of Incheon, near Seoul, in the first half of the year, Samsung Group said today. It will contract-make medicines made from living cells, and Samsung Group plans to expand into producing copies of biologics including Rituxan, the leukemia and lymphoma treatment sold by Roche Holding AG and Biogen Idec Inc.