A few key reasons why Biogen has now become a buzzed about takeover target
Struggling with revenue and keeping investors’ interest in its pipeline as its CEO heads for the exits, Biogen has drawn some interest from two big players about a possible takeover. The Wall Street Journal reported Tuesday afternoon that Allergan and Merck have both made overtures to Biogen to sound out their interest in a deal.
Biogen’s shares $BIIB raced up 9%, adding billions in market cap as the investment community looked to jump into a possible deal in the making. But by early Tuesday evening CNBC was following up with a report that Allergan, which may have had a hard time making a buyout work under current tax rules, was unlikely to follow up.
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