Biogen Inc Stock Price, News & Analysis

Biogen has entered into a commercialization and license agreement with Bio-Thera Solutions to develop and market BAT1806, a proposed biosimilar referencing ACTEMRA® (tocilizumab). The drug is currently in Phase 3 clinical trials, with ACTEMRA® generating 2.8 billion CHF in sales in 2020. Biogen is set to receive exclusive rights to BAT1806 outside of China, making a $30 million upfront payment subject to trial results. This agreement aims to enhance access to biologic therapies and foster cost savings in healthcare.

Biogen has received marketing authorization from the European Commission for a subcutaneous (SC) injection of TYSABRI® (natalizumab) to treat relapsing-remitting multiple sclerosis (MS). This new route provides comparable efficacy and safety to the intravenous (IV) formulation while allowing for shorter administration times. The SC option expands treatment access for patients and healthcare providers, particularly during concerns around COVID-19 vaccination. TYSABRI has proven itself over nearly 15 years, with over 213,000 patients treated globally.

Biogen (Nasdaq: BIIB) plans to build a new gene therapy manufacturing facility in Research Triangle Park, North Carolina, with operations expected to commence in 2023. This facility, covering 175,000 square feet, aims to enhance Biogen's gene therapy pipeline across various therapeutic areas and create approximately 90 jobs. The total investment in this facility is projected at $200 million. This investment emphasizes Biogen’s commitment to providing high-quality medicines to patients and fostering a diverse workforce.

Biogen Foundation, along with Life Science Cares, has sponsored a $170,000 initiative to support Food For Free's Just Eats Grocery Box program in Greater Boston. This program aims to alleviate food insecurity for 3,000 families, distributing 3,000 grocery boxes weekly. Biogen contributed $100,000, while Life Science Cares provided $50,000. The initiative responds to the growing hunger crisis exacerbated by COVID-19, where one in five children in Eastern Massachusetts now faces food insecurity. The program will utilize local resources to deliver nutritious food to underserved communities.

Biogen (NASDAQ: BIIB) has announced the expiration results of its cash offer to purchase outstanding 5.200% Senior Notes due 2045, totaling $1.75 billion. The Cash Offer expired on February 10, 2021, while the Settlement Date is expected on February 16, 2021. As of the expiration, $8.907 million in Notes were tendered, with an additional $2.864 million expected through guaranteed delivery procedures. The total cash payment for accepted Notes is anticipated at approximately $16 million. The Cash Offer was made solely to Eligible Holders, as defined in the Offer to Purchase.

On February 11, 2021, Biogen announced the results of its private offer to exchange outstanding 5.200% Senior Notes due 2045 for new 3.250% Senior Notes due 2051 and cash. The exchange offer expired on February 10, 2021, with approximately $621 million of the old notes tendered. Biogen expects to issue roughly $721 million in new notes and pay around $156 million in cash at the settlement date, anticipated on February 16, 2021. The exchange will not provide cash proceeds to Biogen, and holders of the old notes will cease to earn interest post-settlement.

Biogen has awarded Golden Tickets to Bolden Therapeutics and Seranova Bio, granting them access to state-of-the-art lab facilities at LabCentral for one year. This initiative highlights Biogen's commitment to innovation in the biotech sector, offering mentorship and shared infrastructure to support promising startups. Bolden Therapeutics aims to develop therapies targeting a novel signaling pathway for CNS diseases, while Seranova Bio focuses on a rapid profiling platform for identifying therapeutic targets. The initiative enhances Biogen's engagement with the local scientific community.

Biogen announced its Cash Offer for $1.75 billion in 5.200% Senior Notes due 2045, set to expire at 5:00 p.m. New York City time today. The Tender Consideration for each $1,000 in principal of Notes is $1,357.12, based on a reference yield of 1.937% and a fixed spread of 115 basis points. The Cash Offer condition includes an Aggregate Maximum Cash Offer Condition of $50 million. Biogen is also offering an Exchange Offer for Ineligible Holders to swap Notes for new senior notes. Settlement for the Cash Offer is expected on February 16, 2021.

Biogen has announced the pricing terms for its private offer to exchange $1.75 billion of its 5.200% Senior Notes due 2045 for new 3.250% Senior Notes due 2051. The Total Exchange Consideration is set at $1,357.12 for each $1,000 of Old Notes. The Exchange Offer will expire today at 5:00 p.m. ET, with the Settlement Date expected by February 16, 2021. Additionally, a cash tender offer for the Old Notes is being made to Ineligible Holders. The offering is set to meet various conditions outlined in the Offering Memorandum.