Samsung Bioepis, C-Bridge Capital to speed up expansion in China
Korean drug developer Samsung Bioepis announced Feb. 11 that it has inked a partnership with Chinese private equity firm C-Bridge Capital.
“We expect C-Bridge to be a great partner for our business in China,” Samsung Bioepis CEO Ko Han-sung said in a statement.
Established in 2014, C-Bridge Capital, which mainly invests in health care-related firms in China, currently manages around 2 trillion won (US$1.77 billion) in assets.
The Korean company said C-Bridge Capital will establish a bio unit in China and be responsible for selling biosimilar products once they receive the Chinese government’s approval. The two companies will work together to commercialize three biosimilar candidates, including SB3, which is a biosimilar of Roche’s Herceptin. Two other biosimilar candidates are SB11 and SB12.
The Chinese private equity firm will pay Samsung Bioepis in advance as a contract fee, then provide separate royalties once the drug is commercialized.
In January this year, the Korean company tapped into the Chinese market by signing a biosimilar commercialization partnership with Chinese bio company 3Sbio.
Currently, the drug development arm of Samsung Group operates its business in overseas in the US, Europe and China.
By Song Seung-hyun (firstname.lastname@example.org)