Daily Management Review

Samsung in talks to buy US pharma company Biogen


South Korea's Samsung Group could make its biggest overseas acquisition in its history - buying US neurological disorder drug maker Biogen. The Korea Economic Daily (KED) was the first to report on the deal, citing sources in the country's investment banks.

According to the newspaper, the Korean corporation is in talks to buy Biogen. The American company has itself approached Samsung to buy its shares, which could be valued at more than $42 billion, sources told KED. Refinitiv estimates that the drug maker's assets are worth $34.67bn.

Previously, the largest overseas acquisition in Samsung's history, Reuters reports, was the 2016 purchase of auto electronics maker Harman International Industries for $8bn. Samsung Group this year announced a $206bn investment in the next three years and plans to expand its presence in biopharma, artificial intelligence technology, robotics and the semiconductor industry. 

Biogen told Reuters it was not commenting on the market rumours and Samsung did not immediately respond to Reuters' request for comment. Biogen's shares rose 8% in second-half trading on 29 December to $255.90 a share. Biogen's Alzheimer's disease drug Aduhelm received US regulatory approval in June, becoming the first new treatment for the memory-taking disease in almost 20 years. External advisers to the FDA said the company had not proven the clinical benefits of the treatment.

source: reuters.com