Published on December 17, 2013 at 3:10 AM
Biogen Idec (NASDAQ: BIIB) and Samsung Bioepis today announced that through their joint venture, Biogen Idec has exercised its right to enter into an agreement to commercialize anti-TNF biosimilar product candidates in Europe, including biosimilars for widely used therapies to treat conditions such as rheumatoid arthritis and Crohn's disease.
Under the agreement, Biogen Idec will be responsible for commercialization of these product candidates across Europe, where there already exists a strong market for biosimilars and a defined regulatory pathway. The agreement with Samsung Bioepis aligns with Biogen Idec's broader corporate objectives of remaining focused on its core business, while leveraging its expertise in manufacturing and specialty markets to meet the need for biosimilar therapies.
"This is a unique opportunity for us to leverage our experience in developing and manufacturing high-quality biologics in therapeutic areas where we are deeply focused, and provide medicines to patients where there is a significant societal need," said Tony Kingsley, executive vice president of global commercial operations for Biogen Idec. "As a company that aims to make a difference in the lives of patients with serious diseases, we are excited by the potential to offer additional highly effective therapies in critical areas where there is growing demand."
"Biogen Idec has been an innovative joint venture partner in Samsung Bioepis and now with this agreement we are excited to extend our relationship into commercial operations," said Christopher Hansung Ko, Ph.D., CEO of Samsung Bioepis. "Samsung Bioepis has established a global commercialization plan for its antibody drugs currently under development, and we believe this agreement will further serve as a solid foundation for Samsung Bioepis to develop into a worldwide biosimilar leader."
Source: Biogen Idec