(ATTN: CORRECTS typo in slug; ADDS more info in paras 5-7)
By Kim Han-joo
SEOUL, Jan. 7 (Yonhap) -- South Korean pharmaceutical firm Samsung Bioepis Co. said Monday that it has joined hands with Chinese biopharmaceutical company 3SBio Inc. to make further inroads into the world's second largest bio market.
The agreement covers collaboration for the clinical development and commercialization of multiple biosimilars produced by Samsung Bioepis, including SB8, officials said. The two companies will further partner in the regulatory registration of biosimilars in China, the company said.
Samsung Bioepis will receive upfront payment and milestone payments, as well as royalties depending on future sales, Samsung Bioepis said, without further disclosing financial details.
"We are very excited to expand our biosimilar business into China, and we hope to see our products play an important role in widening patient access to high-quality healthcare," Samsung Bioepis CEO Christopher Hansung Ko said in a press release. "We are confident we will achieve this goal through our partnership with 3SBio."
Data from the World Health Organization showed that the Chinese biopharmaceutical market is expected to post annual growth of nearly 20 percent by 2025.
Samsung Bioepis, established in 2012 in a joint venture between Samsung BioLogics Co. and Biogen, currently has four biosimilars approved and marketed across Europe -- Benepali, Imraldi, Ontruzant and Flixabi -- and one in the United States, Renflexis.
3SBio, established in 1993 and debuted on the Hong Kong market in 2015, is a fully-integrated biotechnology company in China and has various technologies in oncology and auto-immune disease and over 30 product pipelines.
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