Samsung BioLogics wilfully silent on Biogen stake in venture, says regulator
The biopharmaceutical unit of Korea’s Samsung group deliberately kept quiet on the option that US biotech Biogen (Nasdaq: BIIB) had to increase its share in their joint venture focused on biosimilars.
That is the ruling of the Financial Services Commission, the South Korean financial regulator, which had been investigating the conduct of Samsung BioLogics and its auditor in the case.
The company was found guilty of violating accounting standards by intentionally omitting information regarding the agreement with Biogen in its public disclosure on their joint venture, which goes by the name Samsung Bioepis.
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