Biogen Exercises Option to Increase Ownership in Samsung Bioepis
June 28 2018 - 4:06PM
- Biogen will pay Samsung BioLogics approximately
$700 million to increase its ownership in Samsung Bioepis to
approximately 49.9%
- Transaction expected to close in the second half
of 2018
CAMBRIDGE, Mass., June 28, 2018 (GLOBE NEWSWIRE)
-- Biogen (Nasdaq:BIIB) announced today it has exercised
its option to purchase additional shares of Samsung Bioepis Co.,
Ltd., a joint venture established in 2012 by Samsung BioLogics Co.,
Ltd and Biogen.
Under the terms of the 2012 joint venture
agreement, Biogen will pay Samsung BioLogics approximately $700
million for the option shares, increasing Biogen's ownership in
Samsung Bioepis 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. The exact share purchase price will
depend on the timing of the closing and foreign currency exchange
rates at that time.
"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
Michel Vounatsos, chief executive officer at Biogen. "This option
allows us to increase our ownership share in a leading biosimilar
company at what we believe are attractive terms. We look
forward to building an important relationship with Samsung
BioLogics."
About
Biogen
At Biogen, our mission is clear: we are pioneers in neuroscience.
Biogen discovers, develops, and delivers worldwide innovative
therapies for people living with serious neurological and
neurodegenerative diseases. One of the world's first global
biotechnology companies, Biogen was founded in 1978 by Charles
Weissmann, Heinz Schaller, Kenneth Murray, and Nobel Prize winners
Walter Gilbert and Phillip Sharp, and today has the leading
portfolio of medicines to treat multiple sclerosis; has introduced
the first and only approved treatment for spinal muscular atrophy;
and is focused on advancing neuroscience research programs in
Alzheimer's disease and dementia, multiple sclerosis and
neuroimmunology, movement disorders, neuromuscular disorders, pain,
ophthalmology, neuropsychiatry, and acute neurology. Biogen also
manufactures and commercializes biosimilars of advanced
biologics.
We routinely post information that may be
important to investors on our website at www.biogen.com. To
learn more, please visit www.biogen.com and follow us on
social media
- Twitter, LinkedIn, Facebook, YouTube.
About Samsung
Bioepis
Established in 2012, Samsung Bioepis is a biopharmaceutical company
committed to realizing healthcare that is accessible to everyone.
Through innovations in product development and a firm commitment to
quality, Samsung Bioepis aims to become the world's leading
biopharmaceutical company. Samsung Bioepis continues to advance a
broad pipeline of biosimilar candidates that includes six
late-stage candidates that cover the therapeutic areas of
immunology, oncology and diabetes. Samsung Bioepis is a joint
venture between Samsung BioLogics and Biogen. For more information,
please visit: www.samsungbioepis.com.
Biogen Safe
Harbor
This press release contains forward-looking
statements, made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, including
statements relating to the potential benefits and results that may
be achieved through the exercise of our option to purchase
additional shares in Samsung Bioepis; Biogen's objectives and
intentions regarding the Samsung Bioepis joint venture; the
anticipated completion and timing of the transaction; capital
allocation and investment strategy; anticipated benefits and
potential of investments, collaborations, and business development
activities; risks and uncertainties associated with drug
development and commercialization; and the potential of Biogen's
commercial business and pipeline programs. These forward-looking
statements may be accompanied by such words as "aim," "anticipate,"
"believe," "could," "estimate," "expect," "forecast," "intend,"
"may," "plan," "potential," "project," "target," "will," and other
words and terms of similar meaning. You should not place undue
reliance on these statements.
These statements involve risks and uncertainties
that could cause actual results to differ materially from those
reflected in such statements, including, without limitation: risks
that the transaction will be completed in a timely manner or at
all; uncertainty as to whether the anticipated benefits of the
transaction and/or the Samsung Bioepis joint venture can be
achieved; risks of unexpected costs or delays; third party
collaboration risks; risks related to commercialization of
biosimilars; and the risks of doing business internationally,
including currency exchange rate fluctuations. The foregoing sets
forth many, but not all, of the factors that could cause actual
results to differ from our expectations in any forward-looking
statement. Investors should consider this cautionary statement, as
well as the risk factors identified in Biogen's most recent annual
or quarterly report and in other reports Biogen has filed with the
U.S. Securities and Exchange Commission. These statements are based
on our current beliefs and expectations and speak only as of the
date of this press release. We do not undertake any obligation to
publicly update any forward-looking statements, whether as a result
of new information, future developments or otherwise.
MEDIA
CONTACT:
David Caouette
+1 617 679 4945
public.affairs@biogen.com |
INVESTOR CONTACT:
Matt Calistri
+1 781 464 2442
IR@biogen.com |
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Biogen Inc. via Globenewswire
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