Samsung Bioepis, a healthcare affiliate of South Korea's No.1 conglomerate Samsung Group, formed a partnership with U.S. pharmaceutical giant Merck Sharp & Dohme to cooperate in development and marketing of biosimilars.

Under the partnership, Samsung Bioepis will take charge of developing, testing and producing biosimilars, while Merck will promote and sell medicines, according to an e-mailed statement. Biosimilars are the officially approved biopharmaceutical copycats after related patents expire.

Samsung Bioepis is a joint venture set up in February 2012 by Samsung Biologics and U.S.-based Biogen Idec., which held stakes of 85 percent and 15 percent respectively. The Samsung Biologics was established in April 2011 as the conglomerate's biopharmaceutical business.

The move is the latest evidence in Samsung's efforts to diversify revenue sources and foster new growth engines. In 2012, Samsung announced its plan to inject 23.3 trillion won (around 21 billion U.S. dollars) by 2020 into 5 new growth businesses, including medical equipment and biomedicine.

Samsung Electronics America took over NeuroLogica, a leading computed tomography (CT) firm headquartered in Danvers, Massachusetts in late January to nurture its medical equipment business. Samsung took over the California-based medical equipment manufacturer Nexus in November 2012 after acquiring Medison, South Korea's top ultrasonic medical equipment maker, in March of the same year.