Biogen (BIIB) - Get Biogen Inc. Report shares slumped lower Thursday after Samsung BioLogics denied a report that it's discussing takeover plans that would value the drugmaker at around $42 billon.
Biogen shares soared nearly 10% in late afternoon trading following the Korea Economic Daily report, which cited ties between the two groups including FDA approval of key treatments, as well as Biogen's 50% stake -- minus one share -- in biosimilars unit Samsung Bioepis Co.
The report also noted plans from the broader Samsung Group, which controls Samsung BioLogics, to invest more than $200 billion over the next three years in order to expand its semiconductor, display and biopharmaceuticals business.
However, Samsung BioLogics issued a brief regulatory filing Thursday in Seoul calling the report "untrue", while providing no further information on the Korea Economic Data report.
Biogen shares were marked 5.3% lower in early Thursday trading to change hands at $244.95 each.
Biogen stock is still in positive territory for the year, but has fallen more than 25% over the past six months following the accelerated approval of its Alzheimer's treatment, Aduhelm, by the U.S. Food & Drug Administration in June.
Biogen, which has struggled to find a market for the treatment, slashed its wholesale acquisition cost" by more than 50%, to $28,200 per year, earlier this month.
Alzheimer's disease, a progressive brain disorder, affects more than 50 million people around the world. To date, no drug has been found to address the disease, which can accelerate into dementia and other more serious cognitive conditions.
Biogen posted stronger-than-expected third quarter earnings of $318.1 million in late October, while boosting its full-year profit outlook based on improving demand for Aduhelm.
https://www.thestreet.com/markets/biogen-stock-slumps-samsung-biologics-says-takeover-report-untrue
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