January 31, 2022 -- Biogen has reached an agreement with Samsung Biologics to sell an equity stake in the companies' biosimilar joint venture for up to $2.3 billion. Biogen and Samsung Biologics have built an anti-tumor necrosis factor portfolio in Europe.
Upon the acquisition of Biogen's stake, the companies will continue with their exclusive agreements, including the commercialization of their current portfolio. The portfolio includes benepali, imralditm, and flixabi (infliximab). Additionally, Biogen will retain commercial rights for byooviztm (ranibizumab-nuna) and SB15 (aflibercept).
Samsung Biologics has agreed to pay Biogen up to $2.3 billion for its stake in the joint venture. Biogen will receive $1 billion in cash at closing and $1.25 billion to be deferred over two payments. The first payment will comprise $812.5 million, which is due on the first anniversary of the transaction's closing. The second payment, $437.5 million, is due on the second anniversary. Biogen is eligible to receive up to $50 million, which is contingent on the achievement of certain commercial milestones.
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