Cambridge’s Biogen in talks with Samsung over $42bn sell-off deal, shares jump 9.46%



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Cambridge’s Biogen in talks with Samsung over $42bn sell-off deal, shares jump 9.46%

Samsung Group, the Seoul-based S. Korean multinational industrial conglomerate, had been in an advanced stage talk to purchase Cambridge-headquartered American multinational drugmaker Biogen Inc in a deal what could value the Massachusetts-based biotechnology firm over an eye-popping $42 billion, a Korea Economic Daily newspaper report had unveiled late on Wednesday citing unnamed investment banking sources who had been overseeing the proceedings.

In factuality, the Korea Economic Daily report had quoted banking sources familiar with the subject-matter who wished to remained anonymous given the scale of sensitivity of the issue, as saying that Samsung had approached Biogen to purchase the American biotech giant in an all-stock deal that would more likely to value the firm over $42 billion as beforementioned, eventually skyrocketing Biogen Inc shares on afternoon US trading hours, wrapping up the day’s Wall Street 9.46 per cent higher to $258.31 per share.

Samsung in talks to purchase US biotech firm Biogen Inc

Apart from that, several analysts were quoted saying followed by the Korea Economic Daily news report that the deal in effect could become the largest-ever overseas takeover deal by a South Korean entity.

Biogen Inc had been valued at $34.67 billion as of Wednesday’s Wall Street wind-down. On top of that, latest media headline came against the backdrop of a Samsung Group statement made earlier in the year that had told the S.

Korean industrial conglomerate had been looking to lay off as many as a jawdropping $206 billion over next three years, largely aimed at muscling up its footprints in biopharmaceuticals, AI, Semiconductors alongside robotics in a post-pandemic era new normalcy.