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Biogen to offload Danish subsidiary
April 2019
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CAMBRIDGE, Mass.—Biogen and Fujifilm Corp. have struck a share purchase agreement under which the latter will acquire all shares of Biogen’s subsidiary for up to $890 million in cash, subject to minimum purchase commitment guarantees and other terms. The subsidiary, which houses Biogen’s biologics manufacturing operations in Hillerød, Denmark, employees roughly 800 individuals, who are expected to remain once Fujifilm assumes ownership. In conjunction with the transaction, Biogen will enter into manufacturing services agreements with Fujifilm, while Fujifilm will leverage the subsidiary’s abilities to produce commercial products for Biogen, as well as third-party products. Biogen is predicting a total after-tax loss in Q1 2019 of roughly $130 million to $150 million related to the subsidiary agreement, which includes an estimated $120 million associated with guarantees of future minimum purchase commitments.

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