Biogen Stock Jumped. Samsung Wants to Buy It, According to a Report.

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Biogen, which owns nearly half of Samsung’s unit, gained in shares on Wednesday. The South Korean newspaper reported that Samsung wants to buy Biogen for $ 42 billion.

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Adam Glanzman / Businesshala

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Biogen’s stock jumped on Wednesday A South Korean newspaper reported Samsung Group was in talks to acquire the drugmaker.

The Korea Economic Daily, citing unnamed investment banking sources, reported that Samsung is in talks to acquire Biogen (ticker: BIIB). According to the report, the deal could value Biogen at $42 billion. This represents a nearly 20% premium to Biogen’s current market cap of approximately $35 billion.

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Biogen said it does not comment on market rumors and/or speculation. Samsung representatives did not respond to a request for comment.

Biogen stock closed up 9.5% at $258.31 on Wednesday, posting a 5.5% year-over-year gain.

Biogen owns less than half Samsung Bioapis, a unit that develops biosimilar drugs. By September, five low-cost biosimilar drugs from Samsung BioPepsis has been approved in America

Earlier this year, the company’s EduHelm drug, an Alzheimer’s disease therapy, was approved by the US Food and Drug Administration, despite some concerns from doctors and researchers. Drug sales in the third quarter were only $300,000, well below estimates of $12.1 million. The company said in December that it would cut the cost of therapy in half to $27,200 a year for a patient of average weight.

Write to Connor Smith at [email protected]

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