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 esteemed at more than $42 billion (roughly Rs. 313292.28 crores), according to a report in the Korea Economic Daily.
The report, which referred to 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 per cent in Wednesday’s session to $258.31 (roughly Rs. 19,200) 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 (roughly Rs. 99986.11 crores) last year and finished 2020 with about 9,100 employees.
Shares of Biogen have fallen nearly 50 per cent from its June peak due in part to doubts about the efficacy of Aduhelm. On December 20, Biogen announced that it was severing the price of the drug roughly in half.