July 7, 2022

Dubai Week

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Samsung plans to invest $ 360 billion in chips and biotechnology in 5 years

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The South Korean company Samsung Group plans to increase costs by more than 30% to $ 450 trillion ($ 360 billion) over the next five years by 2026, with the aim of increasing the company’s performance in a variety of sectors, from chips to pharmaceuticals.

The Bloomberg News Agency cites a report by a panel owned by companies such as Samsung Electronics and Samsung Biologics, which aims to create 80,000 jobs by 2026, most of them in the semiconductor and pharmaceutical biotechnology sectors.

Bloomberg noted that the Samsung Group, one of South Korea’s oldest and richest families, was one of the few South Korean companies to unveil investment plans for the next five years, with new South Korean President Eun Suk Yol taking office in May. 10.

Samsung Biologics, the biotech arm of the South Korean Samsung Group, has announced that it will close its joint venture with multinational pharmaceutical company AstroZeneca as the development of the biosimilar product has stalled.

The move comes two months after Samsung’s board of directors approved the disbandment of biotech company Arkage, a 50-50% joint venture formed in 2014 with AstraZeneca.

Arginine was responsible for the development of SAIT101, a biological agent similar to the monoclonal antibody rituximab used in the treatment of lymphoma. It has been reported that the already approved reference for the treatment of biosimilars is a very similar version of biology.

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