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Benzinga
Benzinga
Business
Adam Eckert

Why Biogen Shares Are Falling Today

Biogen Inc (NASDAQ:BIIB) is trading lower Thursday morning after Samsung BioLogics denied that its parent company, Samsung Group, is looking to buy Biogen.

Korea Economic Daily reported Wednesday that Biogen had approached Samsung for a buyout, citing investment banking sources. The deal could be reportedly valued at $42 billion.

Biogen's stock traded higher yesterday on the news.

The biotech unit of Samsung Group, Samsung BioLogics, said the report was "not true" in a regulatory filing this morning.

Samsung Group announced earlier this year that it plans to invest 240 trillion won ($206 billion) over the next three years in order to expand its footprint in biopharmaceuticals, artificial intelligence, semiconductors and robotics.

See Also: Peering Into Biogen Inc's Recent Short Interest

Biogen is focused on developing drugs for neurological diseases.

BIIB Price Action: Biogen was trading around the $236 level before the surging higher on the rumor yesterday. It has traded as low as $221.72 and as high as $468.55 over a 52-week period.

The stock was down 5.54% at $244 at time of publication.

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