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21 July, 2015.
Following the $8 billion merger of Samsung C&T and Cheil Industries last week, Samsung Group is to significantly expand its biopharmaceutical business, the Korean Herald reports.
Samsung BioLogics, based in Songdo, South Korea, is now expected to lead in the group’s plans to target lucrative, emerging sectors and achieve an annual growth rate of 10.2 percent and $52.7 billion in sales by 2020.
Samsung BioLogics is a contract manufacturer for global pharmaceutical companies such as Bristol-Myers Squibb and Roche. It also owns a 90.3 percent stake in Samsung BioEpis, which specializes in producing biosimilars and which last month revealed plans to list on NASDAQ in a bid to reach its target valuation of at least $8 billion and raise funds for the R&D of six new biosimilar drugs.