Samsung Biologics Completes Purchase of Samsung Bioepis

Samsung Biologics has completed the purchase of Biogen’s stake in the Samsung Bioepis joint venture for $2.3 billion.
 
With the completion of the first payment of $1.0 billion pursuant to the terms of the acquisition agreement, Samsung Biologics has now fully acquired Samsung Bioepis as a wholly owned subsidiary. The remaining $1.3 billion will be made in installments over two years.
 
“Today’s announcement marks a significant milestone for Samsung Biologics in our continued venture into the biosimilar business and accelerating biosimilar growth,” said John Rim, CEO and president of Samsung Biologics. “By leveraging our extensive experience as a leading CDMO, we will further contribute to saving lives of the patients and address a wide array of diseases.”
 
The purchase was funded by a portion of paid-in capital increase of approximately $2.5 billion raised by issuing new shares, the proceeds of which will be used to fund the company’s strategic growth plans. The acquisition gives Samsung Bioepis improved autonomy and agility in business operations, accelerating sales growth, operating margin improvements, as well as biosimilar development capabilities and future performance in novel drug development.
 
Samsung Biologics will continue to provide quality-driven CDMO biomanufacturing services. The company is currently building Plant 4, which will partially become operational in October 2022.
 
In addition, Samsung Biologics is in the process of securing an additional 350,000m² of property for Bio Campus II, which will be 30% larger than the size of the current site for future growth.