By Dhirendra Tripathi

Investing.com – Biogen stock (NASDAQ:) traded 6% lower in Thursday’s premarket after Samsung Biologics (KS:) scotched media reports that it is buying the American biotech company.

Korea Economic Daily reported Wednesday Biogen approached Samsung to purchase its shares. This could make it worth more than $42B. Biogen stock rose 9.5% after the announcement and ended the day at almost $38 billion.

Samsung Group’s biotech unit stated in a regulatory filing that this report was false.

Any such deal would be the biggest overseas acquisition ever by a South Korean company, easily eclipsing Samsung Electronics  Co Ltd (KS:) (OTC:) $8 billion acquisition of auto electronics maker Harman International Industries in 2016.

Earlier this month, Biogen nearly halved the prices of its Alzheimer’s drug aduhelm to $28,200 per year for an average weight person.

Because of high-cost treatments, sales were slow to pick up. This led to the reduction. Numerous hospitals refused to pay for the treatment.

On June 7, aduhelm became the first drug in 18 years to secure the U.S. Food and Drug Administration’s nod for treatment of patients suffering from the neurodegenerative disease.

With insurance coverage and the availability of diagnostics and specialist centers, around 50,000 people may be eligible for aduhelm treatment in 2022, according to the company.