Samsung Biologics shares rise on new CMO deal and US partner’s Biogen news

2021.06.08 10:05:06 | 2021.06.08 15:36:05

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Samsung Biologics shares gained in early trade on Tuesday, tracking a biotech rally in Wall Street along with the string of upbeat news of a new CMO deal and the U.S. FDA’s approval of an Alzheimer’s disease drug of Biogen, the U.S. partner of its joint venture Samsung Bioepis.

Samsung Biologics shares closed Tuesday 1.43 percent higher at 854,000 won($766.47) in Seoul trading.

The company on Monday drew 300 billion won consignment from Gilead Sciences. The contract size is equivalent to nearly 65 percent of its sales, with workload lasting until the end of 2025.

The deal comes after Immunomedics, which started its CMO partnership with Samsung Biologics in 2018, was acquired by Gilead Sciences last year.

Meanwhile, Biogen shares spiked 38.34 percent after news the FDA approved the company’s controversial Alzheimer’s treatment aducanumab.

By Minu Kim

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