Biogen Inc. BIIB,
shares jumped in after-hours trading on Thursday after news broke that it was selling its share of a joint venture to Samsung Electronics Co. Ltd. 005930,
Biogen has worked with Samsung Bioepis since 2012, according to a press release, and will sell its stake in the biosimilars business to parent Samsung for $2.3 billion. Biogen will receive $1 billion at closing, with the remainder split into two payments due over two years, and will continue the two companies’ exclusive agreement, which includes commercialization of the current portfolio. Shares of Biogen jumped as much as 9% in after-hours trading following the announcement, although gains subsequently leveled off at less than 3%.
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