In 2020, Biogen made $13.4 billion in revenue.
It's a biogen.
The stock of Biogen plummeted after the South Korean conglomerate said it wasn't interested in buying the company.
The Korea Economic Daily reported that the group was in talks to acquire the company.
Investment banking sources said that Biogen could be valued at more than $42 billion.
According to a translated version, the report was disputed by the division of the company that deals with bio-pharmaceuticals.
The stock fell by as much as 8.2% before recovering to a decline of 7.4%. The year-to-date performance of Biogen was down by 3%.
The FDA approved Aduhelm, Biogen's controversial Alzheimer's therapy, in June, and shares had risen 70%.
The drug, which hasn't shown evidence of reversing or curing Alzheimer's disease, has seen little use by doctors who are skeptical of its effectiveness and the high price tag.
Business Insider has an original article.
