25 Feb '11, 3am

Samsung announces move into biomedical business

SEOUL: South Korea's biggest business group Samsung announced plans Friday for a $266 million pharmaceutical joint venture, as part of a ten-year multi-billion dollar attempt to develop new growth engines. Samsung said work would start in the first half of this year on a biopharmaceutical production plant at Songdo International City, part of the Incheon Free Economic Zone west of Seoul. It said in a statement that production of drugs for cancer and arthritis patients was expected to start in the first half of 2013. Samsung Electronics and Samsung Everland would each own 40 per cent of the joint venture, Samsung C and T would have 10 percent and US-based pharmaceutical multinational Quintiles would own the remaining 10 per cent. Samsung, which accounts for 20 per cent of the country's exports, in May last year announced plans to invest 23 trillion won in healthcare and gre...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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