Shares of US biotechnology company Biogen rose on Wednesday as news circulated that South Korean company Samsung was set to buy it for more than $40 billion.
Biogen Company is known for making the best medicine for Alzheimer’s. The company had offered a deal to Samsung. According to the Korean Economic Newspaper, the deal was worth $42 billion.
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The Biogen Company was founded in 1978 by Walter Gilbert and Philip Sharp, who won the Nobel Prize.
The company is based in Cambridge, Massachusetts, USA and had a profit of .4 13.4 billion last year with 9,100 employees.
Shares of Biogen fell 50 percent in June this year due to doubts about the effectiveness of the Alzheimer’s drug.
On December 20, the company announced that it was halving the price of the drug.
Samsung, on the other hand, is known worldwide for its electronics products, with its profits rising 28%, to more than $13 billion in the last four months.