Biotech Values

[DewDiligence]

BIIB doubles down on biomiliars—buying out a portion of Samsung’s share of the JV established in 2011:

https://www.globenewswire.com/news-release/2019/11/06/1942012/0/en/Biogen-to-Expand-Biosimilars-Portfolio-and-Gain-Access-to-Additional-Markets-Through-New-Transaction-with-Samsung-Bioepis.html

Biogen…today announced a new proposed transaction with Samsung Bioepis Co., Ltd. to secure the exclusive rights to commercialize two new ophthalmology biosimilars, SB11 referencing Lucentis and SB15 referencing Eylea , in major markets worldwide, including the U.S., Canada, Europe, Japan and Australia.

In addition, Biogen will acquire exclusive commercialization rights for its anti-TNF portfolio, including BENEPALI (etanercept), FLIXABI (infliximab) and IMRALDI (adalimumab), in China. Biogen will also acquire an option to extend its existing commercial agreement with Samsung Bioepis for this anti-TNF portfolio in Europe.

…Biogen will make a $100 million upfront payment to Samsung Bioepis. Additionally, Biogen may pay Samsung Bioepis up to $210 million in additional development, regulatory and sales-based milestones. Samsung Bioepis will be responsible for development and will supply both products [i.e. Lucentis and Eylea] to Biogen at a pre-specified gross margin.

Biogen will also obtain an option to extend the term of its current European commercial agreement for its three anti-TNF biosimilars by an additional five years, subject to payment of an option exercise fee of $60 million.

That’s a lot of moving parts!

Note: This PR was issued on 11/6/19.