Samsung Group, Quintiles to form biopharma venture

The Associated Press
Friday, February 25, 2011; 4:28 AM

SEOUL, South Korea -- Samsung says it will form a joint venture with a U.S. company as the South Korean conglomerate expands further into biopharmaceuticals.

Samsung said in a release Friday that three of its group companies are partnering with clinical research company Quintiles Transnational Corp. of the United States in a venture with initial capital of 300 billion won ($266 million).

The Samsung companies, which include conglomerate flagship Samsung Electronics Co., will own 90 percent of the venture. Durham, North Carolina-based Quintiles will take 10 percent.

Samsung said that initial plans are for a factory to be constructed in South Korea that will produce biopharmaceutical drugs to treat cancer and arthritis.

© 2011 The Associated Press