Samsung Bioepis mulling purchase of Biogen's biosimilars unit: reports
AcquisitionDrug Approval
Samsung Bioepis has been in talks to take over Biogen's biosimilars business, according to industry sources cited in South Korean media reports. Sources indicated that through a potential deal, estimated to be worth below KRW 1 trillion ($768 million), Samsung Bioepis is looking to secure a direct sales network in the US and Europe.
Biogen said earlier this year alongside its fourth-quarter financial results that a formal process was under way to evaluate strategic options for the unit, which posted $751 million in revenue in 2022. Last week, the company reported that its biosimilar sales were essentially flat in the second quarter at $195 million. The latest rumours come amid ongoing restructuring efforts by Biogen, including the loss of 1000 more jobs by 2025, to trim costs as it continues with the launch of the Alzheimer's disease drug Leqembi in the US.
Biogen initially took a 15% stake in Samsung Bioepis when it was established as a joint venture with Samsung Biologics in 2012. It boosted its holding to almost 50% in 2018, until Samsung Biologics acquired Biogen's stake last year through a $2.3-billion deal. Despite no longer holding shares, Biogen has remained a partner responsible for sales of Samsung Bioepis' biosimilar products, including Benepali (etanercept), Imraldi (adalimumab), Flixabi (infliximab) and Byooviz (ranibizumab). It also owns rights to Bio-Thera Solutions' BAT1806, a biosimilar referencing Roche's Actemra (tocilizumab).
In a statement, a Samsung Bioepis official said that "when it comes to the acquisition, nothing has been set," and also denied news reports that the company had completed due diligence. "We are reviewing various strategies to secure our biosimilar production capability at a global level and are now focusing on expanding our R&D on competitive pipelines and our sales networks," the official said.
Meanwhile, Samsung Bioepis' commercial partner Organon recently began US sales of Hadlima, a biosimilar referencing AbbVie's Humira (adalimumab). Earlier this week, Samsung Bioepis and Organon said that its studies of Hadlima, also known as SB5, showed that the biosimilar can be interchangeable with Humira. An official at Samsung Bioepis indicated that an interchangeability designation would be sought from the FDA soon.
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