Sharjah24 – AFP: Shares of Biogen surged Wednesday following a report that South Korean giant Samsung Group is in talks to acquire the US biotech company for more than $40 billion.
Biogen, which is known for its Alzheimer’s drug Aduhelm and a neurology-focused medication pipeline, approached Samsung on a potential deal that could be valued at more than $42 billion, according to a report in the Korea Economic Daily.
The report, which cited unnamed investment banking sources, noted Biogen's relatively stable revenue in comparison with "cyclical industries like semiconductors," which have driven profit at Samsung.
Shares of Biogen soared 9.5 percent in Wednesday's session to $258.31 and climbed further in after-hours trading.
A Biogen spokeswoman declined comment.
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