Samsung Group Said to Be In Talks To Acquire Biogen

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Samsung Group Said to Be In Talks To Acquire Biogen

By Sam Boughedda — A report from The Korea Economic Daily Global said South Korea's Samsung Group is in talks to acquire U.S. drugmaker Biogen Inc (NASDAQ: BIIB ).

Citing investment banking sources, the article says Biogen approached Samsung to sell its shares to the company, which could be valued at more than $42 billion.

However, Adam Feuerstein, a senior writer at Statnews, said in a tweet: "The reported price seems very low, particularly if Biogen shopped itself to Samsung, as the article states. But I guess this stirs the pot in what's been a sedate week."

Korea Economic Daily added that "Samsung Group's major arms will likely participate in the proposed megadeal."

Biogen and Samsung already work together through a partnership in Samsung's Bioepis business. Biogen has a 50% stake minus one share in the company, with Samsung Biologics holding the remaining stake.

Biogen shares spiked 9% following the report.

The company's shares have suffered recently because of the controversy surrounding its Alzheimer's drug Aduhelm. Disappointing sales saw the company cut the cost of the drug earlier this month.

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