Samsung Biologics to Spin Off Biosimilar Business

MT Newswires Live

05-22

Samsung Biologics (KRX:207940) is planning to separate its biosimilar and its contract development and manufacturing Organization (CDMO) business via a spin-off, according to a Thursday release.

The spin-off will result in the establishment of a new holding company, Samsung Epi Holdings, which will take full ownership of Samsung Bioepis. Samsung Bioepis CEO Kim Kyung-ah will head the new entity, the release said.

Meanwhile, Samsung Biologics will remain focused solely on its CDMO business.

The split will be finalized after shareholder approval on Sept. 16, with Samsung Epi Holdings' official launch set for Oct. 1. Both companies are scheduled to be listed separately on Oct. 29, it said.

Shares of Samsung Biologics fell nearly 2% at market close on Thursday.

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