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Biogen ups investment in biosimilars

Biogen Inc. said it plans to make a $100 million upfront payment to Samsung Bioepis to acquire the rights to commercialize biosimilar versions of Lucentis and Eylea, two blockbuster eye drugs. Samsung Bioepis is a joint venture founded in 2012 between the Cambridge, Mass.-based biotech and Samsung , the Korean conglomerate. Biogen said it will record a $65 million charge to its research and development expenses as a result of the transaction, which also includes potential additional milestone payments of up to $210 million. Biogen’s stock is down 2.9% for the year, while the S&P 500 is up 23%.
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