Biogen surges on potential buyout deal from South Korea's Samsung Group

Maksim Labkouski/iStock via Getty Images

• Biogen (BIIB +8.9%) shares gained after The Korea Economic Daily reported that the Samsung Group (OTC:SSNLF) in South Korea was in talks to buy the U.S.-based biotech.
• According to investment banking sources, Biogen (NASDAQ:BIIB) has approached Samsung to sell its shares, potentially valuing the Cambridge, Massachusetts-based company at over 50 trillion won ($42B), including a control premium.
• "Samsung is at the negotiating table with the sell side to acquire Biogen," the paper quoted a senior official at a global investment bank as saying on Wednesday.
• A potential transaction would mark the group’s largest deal since 2016, when it acquired the U.S. electronics systems maker Harman for $8B.
• Despite a notable regulatory win in June with the FDA approval of its Alzheimer’s therapy Aduhelm, Biogen (BIIB) shares have dropped in the year so far with over 30% loss in the past six months alone, as indicated in this graph.