Samsung in talks to buy Biogen for US$42 billion

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Samsung in talks to buy Biogen for US$42 billion

Beitragvon geemong » 30. Dezember 2021, 05:16

Samsung in talks to buy Biogen for US$42 billion

Shares of Biogen surged Wednesday (Dec 29) following a report that South Korean giant Samsung Group is in talks to acquire the US biotech company for more than US$40 billion.

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Biogen, which is known for its Alzheimer's drug Aduhelm and a neurology-focused medication pipeline, approached Samsung on a potential deal that could be valued at more than US$42 billion, according to a report in the Korea Economic Daily.

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.

Shares of Biogen soared 9.5 per cent in Wednesday's session to US$258.31 and climbed further in after-hours trading.

A Biogen spokeswoman declined comment.

Founded in 1978 by a team that included Nobel Prize winners Walter Gilbert and Phillip Sharp, Biogen is known for medicines to treat multiple sclerosis in addition to Aduhelm.

The company, based in Cambridge, Massachusetts, had revenues of US$13.4 billion last year and finished 2020 with about 9,100 employees.
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