Biogen announced that they have entered into an agreement whereby Samsung Biologics will acquire Biogen’s equity stake in the Samsung Bioepis joint venture for an aggregate consideration of up to US $2.3 billion.

Upon the acquisition of Biogen’s stake, the companies will continue with their exclusive agreements, including commercialization of their current portfolio. This includes marketed products 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.

“We are thankful to Samsung Biologics for a productive collaboration since 2012,” said Michel Vounatsos, Chief Executive Officer at Biogen. “We believe biosimilars are essential to help sustain healthcare systems and represent an important value creation opportunity for Biogen.”

Samsung Biologics has agreed to pay Biogen up to US $2.3 billion for its stake in the joint venture. Under the terms of this agreement, Biogen will receive US $ 1 billion in cash at closing and US $ 1.25 billion to be deferred over two payments of US $ 812.5 million due at the first anniversary and US $ 437.5 million due at the second anniversary of the closing of the transaction. Biogen is eligible to receive up to US $ 50 million contingent upon achievement of certain commercial milestones.