Biogen Completes $2.3 Billion Sale of Entire Stake in Samsung Bioepis to Samsung Biologics

Source: PharmaCube Info

Author: Sunshine

On January 27, Biogen announced that it had reached a final agreement with Samsung Biologics to sell its stake in Samsung Bioepis to the latter for $2.3 billion.

Under the terms of the agreement, Samsung Biologics needs to pay Biogen $1 billion in cash upfront, with an additional $1.25 billion deferred payment ($812.5 million to be paid after 1 year and $437.5 million after 2 years). Meanwhile, Biogen is also eligible to receive a $50 million milestone payment.

After the acquisition is completed, the two companies will continue to execute the previously signed exclusive agreements, including commercializing the current portfolio (etanercept, adalimumab, infliximab). In addition, Biogen also has exclusive commercial rights to ranibizumab and an investigational biosimilar of aflibercept.

In February 2019, Samsung Biologics and Biogen jointly invested to establish Samsung Bioepis, which primarily focuses on the development of biosimilars. In just nine years, Samsung Bioepis has received approval for six biosimilars (ranibizumab, bevacizumab, trastuzumab, adalimumab, infliximab, and etanercept), with one more product, insulin glargine, already submitted for market approval.

On December 29, 2021, the Korea Economic Daily reported that Samsung Group was in talks to acquire Biogen for an amount possibly reaching $42 billion, but this was later denied by Samsung Biologics.

Note: The original text has been abridged.