South Korean giant Samsung Group is in talks to buy Biogen for more than $40 billion. Following the announcement, the shares of Biogen increased rapidly. Biogen's relatively stable revenue in comparison with "cyclical industries like semiconductors," have driven profit at Samsung.
The US-based biotech company is known for its Alzheimer’s drug Aduhelm and a neurology-focused medication pipeline and approached Samsung on a potential deal that could be valued at more than $42 billion.
Biogen is known for medicines to treat multiple sclerosis in addition to Aduhelm. The company, based in Cambridge, Massachusetts, had revenues of $13.4 billion last year and finished 2020 with about 9,100 employees.
Shares of Biogen have fallen nearly 50 percent from its June peak due in part to doubts about the efficacy of Aduhelm. Biogen announced that it was slashing the price of the drug roughly in half. Further, shares of Biogen soared 9.5 percent recently to $258.31 and climbed further in after-hours trading.
