Samsung Biologics To Buy Biogen's Stake In Samsung Bioepis JV For Up To $2.3 Bln

(RTTNews) - Samsung Biologics agreed to buy Biogen Inc.'s (BIIB) equity stake in the Samsung Bioepis joint venture for an aggregate consideration of up to $2.3 billion, the companies said in a statement.

As per the terms of the deal, Biogen will receive $1 billion in cash at closing and $1.25 billion to be deferred over two payments of $812.5 million due at the first anniversary and $437.5 million due at the second anniversary of the closing of the transaction. Biogen is eligible to receive up to $50 million contingent upon achievement of certain commercial milestones.

Upon the acquisition of Biogen's stake, the companies will continue with their exclusive agreements, including commercialization of their current portfolio. It includes marketed products BENEPALI (etanercept), a biosimilar referencing ENBREL, IMRALDITM (adalimumab), a biosimilar referencing Humira, and FLIXABI (infliximab), a biosimilar referencing Remicade.

In addition, Biogen will also retain commercial rights for BYOOVIZ (ranibizuman-nuna), an approved biosimilar referencing LUCENTIS (ranibizumab), as well as an investigational biosimilar candidate in development, SB15 (aflibercept), a proposed biosimilar referencing EYLEA.