Samsung Biologics to split into manufacturing and development units

A Samsung Biologics factory in Incheon on May 31, 2023 [JOONGANG ILBO]

Korean drugmaker Samsung Biologics said on Thursday it plans to split its business into contract manufacturing and development companies, to help allay customer concerns about conflicts of interest.

Biologics said in a regulatory filing that it will keep its drug contract manufacturing business while spinning off a business overseeing subsidiaries, including biosimilar drug developer Samsung Bioepis, as well as new investments.

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Shares in Samsung Biologics rose 7.1 percent the previous day following reports of a possible spinoff and investor optimism about the move.

Biologics counts tech giant Samsung Electronics and builder Samsung C&T as its major shareholders.

Reuters