Samsung Biologics has reached an agreement for the buyout of Biogen’s stake in the Samsung Bioepis joint venture for USD $2.3 billion.

Samsung Bioepis was established as a joint venture in 2012, with Biogen initially investing a 15% stake.

Under the terms of the original agreement, Biogen had the right to purchase up to 50% less one share of Samsung Bioepis, which it exercised in June 2018.

The deal will further deliver Samsung Bioepis’ sales growth and operating margin improvements with streamlined operational efficiencies, budget surplus, and cash flow generation. To date, Samsung Bioepis has successfully launched five biosimilars globally, three in autoimmune and two in oncology.

The full buyout of Biogen’s stake is expected to accelerate Samsung Bioepis’ biosimilar development capabilities and future performance in novel drug development, with improved autonomy and agility in business operations.

Samsung Biologics will continue to expand its biopharmaceutical business in its three core drivers: continued capacity enhancement, establishment of growth opportunities in new business areas, such as mRNA and cell and gene therapies, and global expansion.