Last week, Biogen Inc. announced it had reached an agreement to sell its equity stake in the Samsung Bioepis joint venture to partner Samsung Biologics for an aggregate consideration of up to $2.3 billion.  According to a press release from Samsung Biologics, Biogen initially invested a 15% stake when the joint venture was established in 2012, before exercising its right to purchase up to 50% less one share of Samsung Bioepis in 2018.  Samsung Biologics’ press release states that “[t]he full buyout of Biogen’s stake is expected to accelerate Samsung Bioepis’ biosimilar development capabilities and future performance in novel drug development, with improved autonomy and agility in business operations.”

According to Biogen’s press release, upon the acquisition of Biogen’s stake, the companies will continue with their exclusive agreements and commercialization of current portfolios including BENEPALI® (etanercept), a biosimilar referencing ENBREL®, IMRALDI™ (adalimumab), a biosimilar referencing HUMIRA®, and FLIXABI® (infliximab), a biosimilar referencing REMICADE®.  Additionally, Biogen will also retain commercial rights for BYOOVIZ™ (ranibizumab-nuna), an approved biosimilar referencing LUCENTIS® (ranibizumab), as well as an investigational biosimilar candidate in development, SB15 (aflibercept), a proposed biosimilar referencing EYLEA®.