Bioepis JV Sale To Provide Needed Cash To Biogen
Plus Independence For Korean Partner
Biogen may find itself with new business options after agreeing to sell its stake in the Samsung Bioepis biosimilars joint venture for up to $2.3bn.
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By agreeing to pay $7.3bn for Reata and its Friedrich’s ataxia drug Skyclarys, “recalibrating” Biogen can be more patient with launches of Alzheimer’s drug Leqembi and ALS therapy Qalsody.
Christopher Viehbacher told his first earnings call as CEO that a review is under way to reverse Biogen’s fortunes, but noted Leqembi will not be a meaningful contributor while treatment and reimbursement bottlenecks remain.
Biogen’s biosimilars business took a hit in Q1 following pricing pressures and negative currency fluctuations, with the company now prioritizing the rebuilding of the segment.