A South Korean conglomerate, is in discussions to buy the US biotech firm for more than $40 billion.
Biogen approached Samsung about a prospective acquisition of more than $42 billion, according to a story in the Korea Economic Daily. Biogen is recognized for its Alzheimer’s therapy Aduhelm and a neurology-focused prescription pipeline.
The report, which cited unnamed investment banking sources, noted Biogen’s relatively stable revenue in comparison with “cyclical industries like semiconductors,” which have driven profit at Samsung.
Biogen’s stock rose 9.5 percent to $258.31 in Wednesday’s trading session, and then rose even further in after-hours trading. A spokeswoman for Biogen declined to comment on the situation.
In addition to Aduhelm, Biogen is recognized for drugs to treat multiple sclerosis. It was founded in 1978 by a team that includes Nobel Laureates Walter Gilbert and Phillip Sharp.
The Cambridge, Massachusetts-based firm had $13.4 billion in sales last year and 9,100 workers by the end of 2020.
Biogen’s stock has dropped over 50% from its June high, owing to concerns about Aduhelm’s effectiveness. Biogen stated on December 20 that the drug’s price will be reduced by about half.
Samsung is most known for its electronics sector, which recorded a 28 percent increase in operating profit to 15.8 trillion won ($13.5 billion) in the most recent quarter.
A joint venture between Biogen and Samsung Biologics is presently developing, manufacturing, and marketing biosimilars.
With additional report: manilatimes
Image sources: NDTVgadgets and UTVpakistan
