Samsung Biologics Snaps Up Biogen’s Stake in Samsung Bioepis for $2.3 Billion, Assuming Full Control of Biosimilar Venture

Korean CDMO giant Samsung Biologics is acquiring Biogen’s stake in Samsung Bioepis, their joint biosimilar venture, for around $2.3 billion. 

Samsung Biologics said the deal will contribute to its earnings in 2022, and will fund the transaction by issuing new shares to raise an estimated $2.5 billion. 

Biogen will receive $1 billion in cash at the closing of the deal and $1.25 billion in two payments over the next two years. The American firm could also receive $50 million if certain commercial milestones are met. The company stated that it will use the proceeds from the sale to fund future acquisitions. 

The companies will continue their existing agreements and co-commercialization of their current products. The products include: 

• Benepali (etanercept), a biosimilar of Enbrel
• Imralditm (adalimumab), a biosimilar of Humira
• Flixabi (infliximab) a biosimilar of Remicade

Additionally, Biogen will retain commercial rights for Byooviz (ranibizumab-nuna), an approved Lucentis biosimilar, as well as SB15 (aflibercept) an investigational biosimilar candidate referencing Eylea.

Related Article: FDA Approves Samsung Bioepis and Biogen’s Lucentis Biosimilar

A Brief Timeline on Samsung Bioepis

Samsung Bioepis was established by Biogen and Samsung Biologics in 2012 to focus on developing biosimilars.

Biogen initially invested in a 15% stake in Samsung Bioepis, but exercised an option in 2018 to increase its shares in the company to 50% minus one share. 

Samsung Bioepis has launched five biosimilars globally, three in autoimmune and two in oncology. 

Most of Samsung Bioepis’ sales were in Europe, but the company is poised to market Byooviz, a Lucentis biosimilar, in the US after winning FDA approval for the drug last September.

The company also has four biosimilars in Phase 3 clinical trials.

Related Article: Addressing The Global Need for Biosimilars: Current Trends, Expectations and Real World Experiences

Not a Biogen Acquisition After All

Samsung and Biogen made biopharma headlines after the Korea Economic Daily reported that Biogen was negotiating a sale to Samsung that would approach $42 billion in value.

Samsung Biologics later issued a disclosure  on the Korea Exchange saying that “the information is not true”.

Author

Joy Lin

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