Biogen to sell stake in Samsung Bioepis for more than $2 billion
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Biogen (NASDAQ:BIIB) announced an agreement with Samsung BioLogics whereby the company will sell its stake in the Samsung Bioepis joint venture to the South Korean partner, for up to $2.3B.
In 2012, Biogen and Samsung BioLogics established Samsung Bioepis to focus on biosimilar therapeutics across clinical areas such as immunology, oncology, and ophthalmology. 

The two companies will continue their exclusive agreements even after the transaction, Biogen announced today.
Per the terms, Biogen will receive $1B cash at the closing of the deal and $1.25B in two payments of $812.5M and $437.5M in the first and second anniversary of the closing of the deal, respectively. In addition, the Cambridge, Massachusetts-based biotech is entitled to up to $50M subject to certain commercial milestones. 
In Late December, Biogen shares spiked on reports of buyout interest from Samsung Group, which were later denied by the South Korean conglomerate.