Biogen Shares Soar Following Report Insinuating Samsung Acquisition

Biogen Shares Soar Following Report Insinuating Samsung Acquisition

Biogen Inc. (NASDAQ: BIIB), a multinational biotechnology company, shares spiked after Korea Economic Daily said it was to be sold to Samsung Group. Additionally, the Korean media report cited investment banking sources. Shares rose 11% during afternoon trading, upon the news.

According to the report, Biogen was responsible for bringing the deal to Samsung, and its shares are foreseen to be worth over USD42 Billion. Biogen is currently valued at USD34.67 Billion, according to Refinitiv data.

However, when asked about the matter, a Biogen representative said that it does not comment on rumors and speculations.

The biotechnology company received U.S. regulatory approval for its Alzheimer’s drug in June, though some outside panel’s had expressed that Biogen had not yet proven the treatment’s clinical benefit. The drug-maker has since worked to gain awareness and has cut the treatment’s UD56,000 per year price tag by half.

In August, Samsung Group announced that within the next three years it would be investing USD206 Billion to grow in biopharmaceuticals, artificial intelligence, semiconductors and robotics during the post-pandemic period.

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