Biogen Stocks dropped after Samsung denies report of takeover

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Biogen Stocks dropped after Samsung denies report of takeover
03 Jan 2022
6 min read

News Synopsis

The American multinational biotechnology company, Biogen saw a drop in its hares after the South Korean tech giant, Samsung denied the claims that it is going to take over the neuroscience-focused biotech company.

Earlier when the reports came in that Samsung is going to acquire the biotech company, the shares of Biogen shot up 9.5%. The reports also came out claiming that Biogen could land a valuation of more than $42 billion.

On Thursday, the biotech division of Samsung, dispute the claims in a filing in South Korea saying that the news is not true. After this, the stock of Biogen fell by 8.2% to $237.15 then pared the decline to 7.4%. 

Biogen’s shares have also been up about 70% after the US Food and Drug Administration approved Aduhelm, the controversial Alzheimer’s therapy in June.

After this, the company gave up on the gains that were not proved the reversing and curing of Alzheimer’s disease, which has seen a little uptake by doctors, who were skeptical of the effectiveness and such a high price of $56,000.

TWN In-Focus