Dr Reddy's Laboratories jumps into the fray for Biogen's biosimilars
Dr Reddy's Laboratories (DRL) has joined the race to acquire the biosimilar products portfolio of US-based Biogen in a transaction worth a potential $1 billion, according to two people aware of the development. Another Indian company in the fray is Intas Pharmaceuticals, Mint reported on September 13.
According to reports, Samsung Bioepis is also a candidate to acquire the portfolio. Biogen joined hands with Samsung biosimilars production unit Samsung Biologics to establish Samsung Bioepis in 2012 for developing biosimilars. As part of exiting its biosimilars business, Biogen sold off its stake in Samsung Bioepis at $2.3 billion in February last year.
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«Biogen does not comment on market rumours and/or speculation,» said a spokesperson. «We have previously announced that we are evaluating strategic options for the biosimilars business and will provide further updates on the process as appropriate.»
DRL didn't respond to queries sent on Thursday.
A biosimilar is similar in structure and function to a biologic medication. The development and production process is more complex than that of small molecule drugs and involves expertise with biologics and their production.
Global investment bank Evercore is advising Biogen on the sale of the portfolio.
The company posted revenue of $751 million from its biosimilars portfolio in FY22, against $831 million in FY21. About 70 Biogen biosimilars have been approved in Europe and 35 in the US. Its biosimilars are mainly used for 15 indications across immunology and
