There is a sign in Cambridge.
There is a story about this.
The Korea Economic Daily reported on Wednesday that the Korean conglomerate is in talks to acquire the Massachusetts-based company.
According to the report, Biogen could fetch a valuation of more than $42 billion. That would be a 22% premium from Tuesday's close.
The FDA's approval of Aduhelm, a controversial Alzheimer's therapy, has boosted Biogen's stock price. The drug, which hasn't shown evidence of reversing or curing Alzheimer's disease, hasn't seen much use by doctors who are skeptical of its effectiveness and high price tag.
In the third quarter, Aduhelm generated only 14 million dollars in revenue, reaching 2% of its targeted patients. The price of Biogen was cut almost in half.
The report said that a senior official at a global investment bank said that the sell side was in talks with the buyer. The deal would be the largest acquisition by the company.
The healthcare field is where the South Korean-based conglomerate also operates, making biosimilar drugs.
The controlling stake in the biosimilar drug unit was owned by SAMSUNG. The joint venture has made it difficult for the company to make some drugs that would compete with Biogen's drugs. A potential combination of the two companies would eliminate that hurdle.
Business Insider has an original article.
