Biogen (BIIB), the $75 billion biotech giant, was up nearly 10% today after a report circulated that the company has received takeover interest. It is being reported that Merck (MRK) and Allergan (AGN) have each expressed interest in doing a deal. Sources said the discussions were informal and preliminary, and they may not result in a deal — in part because Biogen may not be interested.
A takeover of Biogen would be the biggest of a biotech company since 2008, and one of the largest takeovers on record by a drug company.
Biogen Inc., formerly Biogen Idec Inc., is a biopharmaceutical company that discovers, develops, manufactures and delivers therapies to patients for the treatment of neurodegenerative diseases, hematologic conditions and autoimmune disorders segment. The company markets products, including TECFIDERA, AVONEX, PLEGRIDY, TYSABRI and FAMPYRA for multiple sclerosis (MS), ELOCTATE for hemophilia A and ALPROLIX for hemophilia B, and FUMADERM for the treatment of severe plaque psoriasis. It also has a collaboration agreement with Genentech, Inc., a member of the Roche Group, with respect to RITUXAN for the treatment of non-Hodgkin’s lymphoma, chronic lymphocytic leukemia (CLL) and other conditions, GAZYVA indicated for the treatment of CLL and follicular lymphoma, and other potential anti-CD20 therapies. Biogen also develops late stage product candidates, including Aducanumab (BIIB037) for the treatment of Neurodegeneration, and Nusinersen for other programs.
BIIB stock has been downtrending since early 2015. Today’s news has prompted a major gap fill technical pattern to the $400 level.
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