scorecard
  1. Home
  2. stock market
  3. news
  4. Biogen soars 13% on report of potential acquisition by South Korea's Samsung Group

Biogen soars 13% on report of potential acquisition by South Korea's Samsung Group

Matthew Fox   

Biogen soars 13% on report of potential acquisition by South Korea's Samsung Group

$4 stock soared as much as 13% on Wednesday following $4 that Samsung Group is in negotiations to acquire the Massachusetts-based biotech company.

The report, which cited investment banking sources, said Biogen could fetch a valuation of more than $42 billion. That would represent at least a 22% premium from Tuesday's close.

Biogen is up only 5% year-to-date, but $4 following the FDA's approval of its controversial Alzheimer's therapy, Aduhelm. The drug, which hasn't shown evidence of reversing or curing Alzheimer's disease, has $4 who are skeptical of its effectiveness and high price tag of $56,000.

In the third quarter, Aduhelm generated only $14 million in revenue, reaching only 2% of its targeted patients, according to the report. Biogen $4 that it wou ultimately cut its price almost in half

"Samsung is at the negotiating table with the sell side to acquire Biogen," the report said, citing a senior official at a global investment bank. The deal would represent Samsung's largest acquisition since it bought Harman for $8 billion in 2016.

While most know Samsung for its Galaxy smartphones and electrical appliances, the South Korean-based conglomerate also operates in the healthcare field, making biosimilar drugs.

Samsung formed its biosimilar drug unit with biogen as a joint venture in 2011, with Samsung owning the controlling stake. That joint venture has hindered Samsung's ability to make some biosimilar drugs that would impede on Biogen's drug sales. A potential combination of the two companies would remove that hurdle.

READ MORE ARTICLES ON



Popular Right Now



Advertisement