As per the joint venture, Samsung will contribute $255m of the $300 million for an 85% stake and Biogen Idec will contribute $45m for a 15% stake in the joint venture.
The agreement will utilize Biogen’s expertise in protein engineering and biologics manufacturing.
The joint venture will contract with Biogen Idec and Samsung Biologics for technical development and manufacturing services and will not pursue biosimilars of Biogen Idec’s proprietary products.
Samsung Biologics CEO Tae-Han Kim said the company intends to develop biosimilars as most of the top-selling drugs are biologics.
"By combining Biogen Idec’s expertise in biologics with our business acumen and proven record of success in new business development, we are taking a significant step toward becoming a major player in the biopharmaceutical industry and investing in an important growth engine for our company," Kim added.