Samsung BioLogics to buy out Biogen's stake in JV
South Korea-based Samsung BioLogics (KRX: 207940.KS) has reached an agreement for the buyout of US biotech major Biogen's (Nasdaq: BIIB) stake in their biosimilars joint venture, Samsung Bioepis, for $2.3 billion.
The transaction is expected to boost earnings growth of Samsung Biologics – whose shares were up 3.8% at 739,000 Korean won today - on a consolidated basis, fully capitalizing on Samsung Bioepis' growth outlook.
At the end of last year there were rumors that Samsung BioLogics had been approached by the US firm to buy its shares, in a deal which could be valued at more than $42 billion. However, this was denied by the Korean firm. Biogen has seen its share tumble in recent months because of strict limitations on the use of its recently approved Alzheimer’s treatment Aduhelm (aducanumab).
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