By Stephen Nakrosis

 

Biogen Inc. on Thursday said it agreed to sell its equity stake in the Samsung Bioepis joint venture to Samsung Biologics in a deal that could be worth $2.3 billion.

Samsung Bioepis is a biopharmaceutical company.

The deal will see Biogen receive $1 billion in cash at closing, the company said. It will also receive $1.25 billion in deferred payments, with $812.5 million due at the first anniversary and $437.5 million due at the second anniversary of the transaction closing.

Biogen is eligible to receive up to $50 million in contingency payments, it said.

Following the close of the deal, the companies will continue with their exclusive agreements, including commercialization of their current portfolio, according to Biogen.

 

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

 

(END) Dow Jones Newswires

January 27, 2022 19:22 ET (00:22 GMT)

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