April 26, 2024

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[THE INVESTOR] Samsung BioLogics said on Oct. 25 that US biotech Biogen has put off its payment date for increasing ownership in their joint venture Samsung Bioepis until Nov. 30 as the regulatory review process is taking more time than expected.

Biogen was expected to exercise its option to raise its stake in the Incheon-based biosimilar developer from 5.4 percent to 50 percent minus one share by Oct. 30. 

Samsung BioLogics attributed the delay to “extended period of merger review procedure of antitrust bodies in some countries,” in its regulatory filing.

The payment that Biogen is required to pay the Korean firm will increase from 757.3 billion won (US$665.30 million) to 765.8 billion won due to interest accrued during the period, under the terms of the 2012 JV agreement.

By Park Han-na (hnpark@heraldcorp.com)