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Samsung BioLogics Under Spotlight Over Accounting Handling Of Biogen JV

Executive Summary

Samsung BioLogics shares plunge on suspicions it has violated accounting related to affiliate Samsung Bioepis, but the company says its accounting meets IFRS standards and denies any transgressions. Samsung BioLogics could face a penalty, depending on the outcome of upcoming financial authority meetings and whether Biogen exercises its call option on Samsung Bioepis in the coming months.

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Authorities Find Accounting Violation By Samsung BioLogics, Prosecutors To Probe

South Korean financial authorities conclude Samsung BioLogics violated accounting standards by omitting certain information on its joint venture agreement with Biogen from public disclosures, and have ordered further investigation of a corporate governance decision on the handling in accounts of the JV, Samsung Bioepis. The latest ruling in the prolonged affair could hurt the credibility and business of Samsung BioLogics going forward, although the firm maintains it has done nothing improper. 

Biogen Ups Samsung Bioepis Stake In $700m Bet On Biosimilars

While Biogen's exercise of its call option in biosimilar joint venture Samsung Bioepis may help further boost the biosimilar company's global presence and leadership in the sector, the focus in South Korea is more on how the change may affect the outcome of an ongoing accounting inspection at Samsung BioLogics, Samsung Bioepis' biggest shareholder.

Biogen Ups Samsung Bioepis Stake In $700m Bet On Biosimilars

While Biogen's exercise of its call option in biosimilar joint venture Samsung Bioepis may help further boost the biosimilar company's global presence and leadership in the sector, the focus in South Korea is more on how the change may affect the outcome of an ongoing accounting inspection at Samsung BioLogics, Samsung Bioepis' biggest shareholder.

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