The South Korea conglomerate Samsung Group is branching into biopharmaceutical manufacturing via a joint venture with Durham, N.C.-based clinical research giant Quintiles, which has a New England office in Cambridge.
Samsung says the joint venture will begin with an initial capital infusion of $266 million, much of which will be used to fund construction of a manufacturing facility that the Korean company expects to be producing cancer and arthritis drugs by the first half of 2013.
Quintiles spokesman Phil Bridges confirmed his company’s participation in the project, saying that Quintiles’ initial investment totals about $30 million.
This is a new field of play for Samsung, which is best known for its production of consumer electronics. Samsung Electronics, in fact, is one of four entities – three owned by the Samsung Group – that are forming the biopharmaceutical joint venture.
Samsung Electronics and Samsung Everland each will own 40 percent of the joint venture, with Samsung C&T and Quintiles each owning 10 percent.
Quintiles is the world’s largest provider of clinical trials testing on drug candidates, but the company also has a large business providing research and consulting in other aspects of the drug business.
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