Biogen announced it has exercised its option to purchase additional shares of Samsung Bioepis, a joint venture established in 2012 by Samsung BioLogics and Biogen.
Based in South Korea, Samsung Bioepis will receive $700 million for the option shares, increasing Biogen’s ownership in Samsung Bioepis from approximately 5.4% to approximately 49.9%. The completion of this share purchase is expected to close in the second half of 2018.
Michel Vounatsos, CEO Biogen, said:
“We are very pleased with the progress made to date at Samsung Bioepis and believe exercising this option is an opportunity to create meaningful value for our shareholders.”
Biogen is a global biotechnology company, which focuses on discovering, developing, manufacturing and delivering therapies for neurological, autoimmune and hematologic disorders.