Quintiles Supports Samsung's Entry Into Biopharmaceutical Market
Samsung Electronics Co., Ltd., the world’s largest electronics company, and its affiliated companies (Samsung) recently announced they have entered into a strategic partnership with Quintiles, the world’s leading pharmaceutical services company, to support Samsung’s entry into the biopharmaceuticals market.
Under an agreement signed last week, Quintiles will make a minority 10% investment of approximately $30 million to start a new joint venture company with Samsung in the first half of 2011 to provide biopharmaceutical contract manufacturing services in
The strategic partnership will support Samsung’s entry into the biopharmaceutical market and reinforces Quintiles’ role as an ally to help companies succeed in the New Health landscape.
“We are very pleased that Samsung has selected Quintiles as its ally to enter the biopharmaceuticals business through the manufacture of biosimilars,” said Anand Tharmaratnam, Senior Vice President and Head of Asia Markets for Quintiles. “
“This partnership with Samsung demonstrates how at Quintiles we leverage not only our intellectual and human capital but also how we can invest to advance mutual interests and accomplish shared goals,” added Paul Casey, Vice President and Head of Asia Corporate Development for Quintiles. “It shows we are committed to developing non-traditional alliances in order to help our customers navigate risks and seize opportunities in the complex industry landscape and ultimately help patients.”
The joint venture company represents Samsung’s first step into the biopharmaceutical business. Samsung also plans to commercialize biosimilars by 2016, and expand into innovative biologics in the future. Plans call for the joint venture company to construct a biopharmaceutical manufacturing plant in the Incheon Free Economic Zone in Songdo,
Quintiles is the only fully integrated bio pharmaceutical services company offering clinical, commercial, consulting, and capital solutions worldwide. The Quintiles network of more than 20,000 engaged professionals in 60 countries around the globe works with an unwavering commitment to patients, safety, and ethics. Quintiles helps biopharmaceutical companies navigate risk and seize opportunities in an environment where change is constant.
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