Biogen Idec and Samsung announce biosimilars collaboration

Biogen Idec has announced a new collaboration with Samsung that will allow the two organisations to make inroads into the growing biosimilar treatment market.

Under the terms of the $300 million (223.45 million pounds) agreement, a joint venture will be established for the development, manufacturing and marketing of biosimilars, with Biogen Idec taking a minority stake of 15 percent.

The Korea-based venture will utilise the expertise of Biogen Idec in the fields of protein engineering and biologics manufacturing, under the agreement that it will not research biosimilar equivalents of any proprietary Biogen Idec products.

Dr George Scangos, chief executive officer of Biogen Idec, said the growth of biosimilars will be essential to ensuring patients have access to cost-effective therapies in future.

"We are very impressed with Samsung's track record of leadership and excellence in all their businesses and are excited to be working with them," he added.

According to the company's most recent financial report, Biogen Idec was able to exceed performance forecasts in the third quarter of 2011.