Biogen soared as much as 13% on Wednesday following a report of potential buyout interest.- The Korea Economic Daily said South Korea's
Samsung Group is in negotiations to buy Biogen. - A potential deal would value the drug maker at more than $40 billion, according to the report.
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$4 stock soared as much as 13% on Wednesday following $4 that Samsung Group is in negotiations to acquire the Massachusetts-based
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.