Biogen increasing ownership in Samsung Bioepis

Biogen increasing ownership in Samsung Bioepis
Samsung Bioepis R&D Center. Credit: Business Wire

Biogen is increasing its ownership in Samsung Bioepis, a joint venture it established in 2012 with South Korea’s Samsung BioLogics.

Under the terms of the 2012 joint venture agreement, Biogen will pay Samsung BioLogics approximately $700 million for the option shares, increasing its ownership from approximately 5.4% to approximately 49.9%.

The completion of this share purchase is subject to certain regulatory closing conditions and is expected to close in the second half of 2018.

“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,” said Biogen CEO Michel Vounatsos.