After moving to accelerate a confirmatory clinical trial of the Alzheimer’s drug Aduhelm, Biogen (NSDQ:BIIB) plans on selling its equity stake in the Samsung Bioepis joint venture for up to $2.3 billion.
The deal would give Biogen $1 billion in cash and $1.25 billion to be paid in two installments after that. In addition, Biogen could receive an additional $50 million if agreed-upon commercial milestones are met.
Samsung Bioepis has one of the largest portfolios of biosimilars in the industry.
Samsung Biologics and Biogen announced the joint venture in 2012.
Under the terms of the agreement, Biogen will retain rights to BYOOVIZTM (ranibizumab-nuna), a biosimilar referencing LUCENTIS (ranibizumab) and the investigational biosimilar candidate SB15 (aflibercept), a proposed biosimilar referencing EYLEA.
BIIB shares increased 2.31% to $224.00 in after-hours trading.
Filed Under: Drug Discovery