Biogen stock pops after agreement to sell Samsung part of joint venture

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Biogen Inc. BIIB, -0.30% shares jumped in after-hours trading Thursday following an announcement that it is selling its part of a joint venture to Samsung Electronics Co. Ltd. 005930, +0.84% Biogen has been working with Samsung Bioepis since 2012, according to a news release, and will sell its equity stake in the bio-similars venture to the Samsung parent company for $2.3 billion. Biogen will receive $1 billion at closing with the rest split into two payments due over two years, and will continue with the two companies’ exclusive arrangement, which includes commercialization of the current portfolio. Biogen shares jumped as much as 9% in after-hours trading following the announcement, though gains later settled back down to less than 3%.

This article was originally published by Marketwatch.com. Read the original article here.

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