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Samsung BioLogics says that the report on the Biogen agreement is untrue




December 29 (Reuters) – Samsung BioLogics (207940.KS) on Thursday rejected a media report saying that the South Korean company was in talks to buy the American drug manufacturer Biogen Inc (BIIB.O).

The Korea Economic Daily reported on Wednesday, citing investment bank sources, that Biogen had approached Samsung to buy their shares, which may be valued at more than $ 42 billion. Biogen is valued at $ 34.67 billion, according to Refinitiv data.

Samsung BioLogics, the biotechnology unit of the Samsung Group, said in a regulatory file that the report was not true, without giving further details.

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Biogen said they did not comment on market rumors or speculation. The stock closed up 9.5 percent on Wednesday.

Any such deal would be the largest overseas acquisition ever of a South Korean company. The biggest so far was in 2016, when Samsung Electronics bought the car electronics manufacturer Harman International Industries in a $ 8 billion deal. (https://reut.rs/3qrRv32)

Samsung Group had earlier this year said it would invest 240 trillion won ($ 206 billion) over the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic. read more

In June, Biogen’s controversial Alzheimer’s drug won US government approval, becoming the first new treatment for the memory-blowing disease in almost 20 years, despite an external advisory panel’s view that the company had not proven the clinical benefits of the treatment.

Biogen has invested in the drug Aduhelm to buffer a hit as its main revenue drivers such as multiple sclerosis treatment Tecfidera and muscle disease treatment Spinraza face increasing competition.

But sales in the US from Aduhelm have been slower than expected when hospitals complained that the drug’s high price was not worth the benefits. The company cut the price by about half to $ 28,200 this month.

Biogen, which makes medicines for neurological diseases, currently has more than 30 new medicines in the pipeline.

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Reporting by Dania Nadeem in Bengaluru and Joyce Lee in Seoul; Editing Shinjini Ganguli

Our standards: Thomson Reuters Trust Principles.



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