US-based biotechnology firm Biogen has increased the size of its stake in biosimilars maker Samsung Bioepis under a $700m deal with biopharmaceutical manufacturer Samsung Biologics.

Biogen and Samsung established the joint venture Samung Bioepis in 2012 with a total investment of $300m. Based in Korea, the joint venture focuses on the development, manufacture and marketing of biosimilars. Its pipeline includes six late-stage biosimilar candidates across immunology, oncology and diabetes areas.

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Samsung Biologics CEO said: “By combining Biogen Idec’s expertise in biologics with our business acumen and proven record of success in new business development, we are taking a significant step toward becoming a major player in the biopharmaceutical industry and investing in an important growth engine for our company.”

“This option allows us to increase our ownership share in a leading biosimilar company at what we believe are attractive terms.”

As per the terms of this agreement, Biogen’s payment of $700m will increase its stake in the joint venture from around 5.4% to nearly 49.9%.

Subject to certain regulatory closing conditions, the share purchase is scheduled to close in the second half of this year. The price will be determined by the precise time of closing and foreign currency exchange rates.

Biogen CEO Michel Vounatsos said: “We are very pleased with the progress made to date at Samsung Bioepis and believe exercising this option is an opportunity to create meaningful value for our shareholders.

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“This option allows us to increase our ownership share in a leading biosimilar company at what we believe are attractive terms.  We look forward to building an important relationship with Samsung BioLogics.”

Samsung Bioepis will work with both Biogen and Samsung Biologics on technical development and manufacturing services.