Tech-giant Samsung will widen its stake in the prescription drug market by producing novel drugs in partnership with Japan's Takeda Pharmaceutical Co., according to Reuters.
Until now, Samsung Bioepis Co., part of the conglomerate Samsung, only focused on developing biosimilars, which are cheaper, nearly identical copies of existing drugs.
Takeda Pharmaceutical and Samsung Bioepis will join forces to develop novel drugs in "unmet disease areas," beginning with a treatment for severe acute pancreatitis, Samsung Bioepsis said in a joint statement with Takeda, according to Reuters. The terms of the deal were not disclosed.
Samsung Bioepis is also seeking partnerships with other pharmaceutical companies to expand its position as a novel drugmaker, Samsung Bioepis spokesman Mingi Hyun told Reuters.
Since launching in 2012, Samsung Bioepis has invested $1.3 billion into biosimilar drug development and received two approvals for biosimilar drugs.