Samsung BioLogics announces the completion of contract with U.S. Biogen

The transfer of assets with regard to Samsung Bioepis call option contract was announced by the company on Tuesday which was with the U.S. Biogen. With respect to this contract, Samsung BioLogics would transfer 9,226,668 shares of Samsung Bioepis to Biogen which along with interest on equity shares and acquired share price are worth $677.2 million. Biogen would manage Samsung Bioepis post completion of the call option contract.

CEO, Samsung BioLogics, Kim Tae-han said that with the biosimilar business was able to achieve considerable results even initially, with this joint venture with Biogen. They would further work towards remaining a successful joint venture with a globally recognized biotechnology company with close cooperation in the coming years as they begin a complete management system by ending this transfer of assets, Kim added.

The company would delete its assets worth 2.2 trillion won to be sold and derivative liabilities worth 1.9 trillion won that are being reflected in the present financial statement. Moreover, the company would register a 414.2 billion in the fourth quarter of the year, of non-operating income which is acquired from subsidiary disposal.

Samsung BioLogics owned a 91.2 percent stake in the Samsung Bioepis by 2015-end and turned it into an affiliate entity ahead of its initial public offerings on November 10. 2016. Samsung BioLogics gained profit post the change in the company value of Samsung Bioepis from acquisition value, also known as book value or fair value.

The cash equivalents assets and cash assets would witness a rise to 1.2 trillion won from 477.9 billion won, with a decline in debt ratio to 42.6 percent from 94.6 percent.

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