Samsung outlines blockbuster investment plan for biopharmaceuticals, part of a $22B play on next-gen tech
After building up a biosimilars group and branching out into new drug development, Samsung says it plans to make a big push on the biopharmaceuticals front over the next three years, lining up $22 billion to make this one of several growth areas for the conglomerate.
There aren’t a lot of details to go with this. Samsung — under pressure from Chinese rivals — broadly said that it’s ready to wager $22 billion on next-gen technologies, noting a big interest in AI, auto electronics and biopharma, according to the Financial Times.
Just a few weeks ago Biogen agreed to pay $700 million to boost their stake in Samsung Bioepis to 49.9% after spending several years working with the Korean company on growing its biosimilars operations. Just close to a year ago the same subsidiary outlined plans to branch out into new drug development, striking a partnership deal with Takeda.
Samsung set up its biologic knockoff operation 6 years ago. Since then, it’s rolled out several products, but Europe remains far ahead of the US in pushing out these generic versions of aging biologics.
Image: Samsung headquarters in Milan, Italy. SHUTTERSTOCK