Dec 29 (Reuters) – South Korea’s Samsung Group is in talks to buy U.S. drugmaker Biogen Inc (BIIB.O), Korea Economic Daily reported on Wednesday, citing investment banking sources.
The report said Biogen approached Samsung to buy its shares, which could be valued at more than $42 billion. The drugmaker is valued at $34.67 billion, according to Refinitiv data.
Samsung Group had said earlier this year it will invest 240 trillion won ($206 billion) in the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era. read more
Shares of Biogen were up 8% in afternoon trading at $255.90.
Biogen has been betting on the drug, Aduhelm, to buffer a hit as its main revenue drivers such as multiple sclerosis treatment Tecfidera and muscle disease treatment Spinraza face rising competition.
But U.S. sales from Aduhelm have been slower than expected as hospitals complained that the drug’s high cost was not worth its benefits. The company cut its price by about half to $28,200 this month.
Biogen, which makes drugs for neurological diseases, currently has more than 30 new drugs in its pipeline.