SEOUL, Feb 25 (Bernama) -- South Korea's top conglomerate Samsung Group said Friday that it will establish a biomedical joint venture with United States drug maker Quintiles Transnational Corp. as part of its efforts to find new growth engines, Yonhap news agency reported.
The joint venture will be capitalised at 300 billion won (US$265.5 million) and be established sometime in the first half of this year, Samsung said, adding work will begin on a plant in Incheon, west of Seoul, before July.
It will start production of drugs for the treatment of cancer and arthritis patients in the first half of 2013, the group said.
Samsung Group will control a 90-percent stake in the joint venture, including a 40-percent stake owned by its flagship unit Samsung Electronics Co, it said. Quintiles, the US-based health care and pharmaceutical company, will hold a 10 percent stake.
The venture is the group's first step to make entry into the biomedical sector. Samsung plans to expand its business in related areas and produce biosimilars in 2016, it said in a statement.
The plan is part of Samsung's ten-year investment plan to search for new growth engines.
The group said last year that it invest over the next 10 years in new businesses, including in the biomedicine and pharmaceutical sectors, solar power, advanced generation of rechargeable batteries and display technology.
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