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Samsung Group in talks to buy U.S. drugmaker Biogen

by Mike Robinson

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© Reuters. FILE PHOTO – Employees at Samsung Group’s Seoul headquarters on April 22, 2008, are seen. REUTERS/Jo Yong-Hak

(Reuters) – South Korea’s Samsung (KS) Group discussed buying U.S. pharmaceutical maker Biogen Inc (NASDAQ) on Wednesday. Korea Economic Daily cited investment banking sources.

Reports state that Biogen approached Samsung in order to purchase its shares. These could potentially be worth more than $42B.

According to data from Refinitiv, Biogen’s current value is $34.67 Billion.

Biogen received U.S. approval in June for its medication for memory-robbing Alzheimer’s disease, despite the opinion of an advisory panel that Biogen hadn’t proven clinical benefits.

Samsung Group stated in August that it plans to invest 240 trillion won ($206 billion), over three years in order to grow its business in biopharmaceuticals as well as artificial intelligence and semiconductors.

Reuters requested comment from Biogen, Samsung and other companies but neither company responded immediately.

Biogen shares were up 11% after-hours trading.

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