Biogen Ups Samsung Bioepis Stake In $700m Bet On Biosimilars
While Biogen's exercise of its call option in biosimilar joint venture Samsung Bioepis may help further boost the biosimilar company's global presence and leadership in the sector, the focus in South Korea is more on how the change may affect the outcome of an ongoing accounting inspection at Samsung BioLogics, Samsung Bioepis' biggest shareholder.
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Biogen has struck a deal that will see it sell its equity stake in the Samsung Bioepis biosimilars joint venture to partner Samsung Biologics for up to $2.3bn.
Samsung BioLogics shares plunge on suspicions it has violated accounting related to affiliate Samsung Bioepis, but the company says its accounting meets IFRS standards and denies any transgressions. Samsung BioLogics could face a penalty, depending on the outcome of upcoming financial authority meetings and whether Biogen exercises its call option on Samsung Bioepis in the coming months.
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