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Economic system1 hour ago (Dec 29, 2021 03: 45PM ET)

© Reuters. FILE PHOTO: Workers of Samsung Crew work on the company’s headquarters in Seoul April 22, 2008. REUTERS/Jo Yong-Hak

(Reuters) – South Korea’s Samsung (KS:) Crew is in talks to determine U.S. drugmaker Biogen Inc (NASDAQ:), Korea Economic Every day reported on Wednesday, citing Investment banking sources.

The document said Biogen approached Samsung to determine its shares, which also can very smartly be valued at extra than $42 billion. The drugmaker is valued at $34.67 billion, fixed with Refinitiv knowledge.

The deal also can very smartly be the good in a international country acquisition ever by a South Korean company. The absolute best thus a ways used to be in 2016, when Samsung Electronics (OTC:) supplied auto electronics maker Harman Global Industries (D:) in an $8 billion deal.

Samsung Crew had said earlier this one year this would possibly maybe maybe make investments 240 trillion gained ($206 billion) within the following three years to mark bigger its footprint in biopharmaceuticals, synthetic intelligence, semiconductors and robotics within the post-pandemic generation.

Biogen said it doesn’t commentary on market rumors or speculation, while Samsung did no longer suddenly answer to Reuters query for commentary.

Shares of Biogen had been up 8% in afternoon Trading at $255.90.

In June, Biogen’s controversial Alzheimer’s drug gained U.S. regulatory approval, changing into the fundamental unique medication for the reminiscence-robbing disease in nearly 20 years, despite an out of doors advisory panel’s gape that the company had no longer proven the medication’s clinical advantages.

Biogen has been making a bet on the drug, Aduhelm, to buffer a success as its fundamental earnings drivers equivalent to extra than one sclerosis medication Tecfidera and muscle disease medication Spinraza face rising competitors.

Nonetheless U.S. sales from Aduhelm had been slower than anticipated as hospitals complained that the drug’s high designate used to be no longer worth its advantages. The corporate decrease its designate by about half to $28,200 this month.

Biogen, which makes remedy for neurological diseases, for the time being has extra than 30 unique remedy in its pipeline.

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