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Samsung BioLogics on Thursday denied a media report that said the South Korean firm was in talks to buy U.S. drugmaker Biogen Inc.
Korea Economic Daily reported on Wednesday, citing investment banking sources, that Biogen had approached Samsung to buy its shares, which could be valued at more than $42 billion. Biogen is valued at $34.67 billion, according to Refinitiv data.
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Samsung BioLogics, the biotech unit of Samsung Group, said in a regulatory filing that the report was "not true," without giving any more details.
Biogen said it does not comment on market rumors or speculation. Its stock closed up 9.5% on Wednesday.
Any such deal would be the biggest overseas acquisition ever by a South Korean company. The largest so far was in 2016, when Samsung Electronics bought auto electronics maker Harman International Industries in an $8 billion deal.
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Samsung Group had said earlier this year it will invest 240 trillion won ($206 billion) in the next three years to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics in the post-pandemic era.