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 $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 percent in Wednesday's session
to $258.31 and climbed further in after-hours trading. A Biogen spokeswoman
declined to 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 $13.4 billion last year and finished 2020 with about 9,100 employees.
Shares of Biogen have fallen nearly 50 percent from its June
peak due in part to doubts about the efficacy of Aduhelm. On December 20,
Biogen announced that it was slashing the price of the drug roughly in half.
The world's top chipmaker, Samsung is best known for its
electronics division, which reported a 28 percent jump in operating profit in
the most recent quarter to KRW 15.8 trillion. Biogen and Samsung Biologics
currently have a joint venture to develop, manufacture and market biosimilars.
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