Please try another search
© Reuters.
By Dhirendra Tripathi
Investing.com – Biogen stock (NASDAQ:BIIB) traded 6% lower in Thursday’s premarket after Samsung Biologics (KS:207940) scotched media reports that it is buying the American biotech company.
Korea Economic Daily reported Wednesday that Biogen had approached Samsung to buy its shares, which could be valued at more than $42 billion. Biogen stock surged 9.5% on the news and closed the day with a market cap of almost $38 billion.
The biotech unit of Samsung Group said in a regulatory filing that the report was "not true".
Any such deal would be the biggest overseas acquisition ever by a South Korean company, easily eclipsing Samsung Electronics Co Ltd (KS:005930) (OTC:SSNLF) $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.
The cut came as sales have been slow to take off because of the high-cost treatment. Many hospitals have refused to support 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.
The company now believes with insurance coverage, and access to diagnostics and specialized centers, approximately 50,000 patients may initiate treatment with aduhelm in 2022.
By Bianca Flowers and Joseph White BONDURANT, Iowa (Reuters) - Deere (NYSE:DE) & Co has sold its tractors and other equipment to farmers for decades, but the world's largest...
By Nichola Saminather TORONTO (Reuters) -Royal Bank of Canada, Toronto-Dominion Bank and Canadian Imperial Bank of Commerce (CIBC) reported diverging second-quarter performances...
By Senad Karaahmetovic Shares of Splunk (NASDAQ:SPLK) are up more than 6.5% in premarket trading Thursday after the software maker reported better-than-expected Q1 revenue and...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.