(Bloomberg) -- Samsung Biologics Co. will buy 49.9% of Samsung Bioepis from Biogen Inc., according to a regulatory filing, giving the South Korean drugmaker full ownership of the joint venture. 

Shares of Biologics rose as much as 0.4% in Seoul on Friday. Shares of Cambridge, Massachusetts-based Biogen rose 2.29% during after-hours trading in New York. 

“We are thankful to Samsung Biologics for a productive collaboration since 2012,” Michel Vounatsos, chief executive officer of Biogen, said in a statement. The acquisition of the stake is to boost competitiveness of Samsung Biologics’ global business, it said in the filing. 

Biogen will receive $1 billion in cash when the deal closes and $1.25 billion in the next two years. Biogen is also eligible for $50 million pending commercial milestones. 

Biogen shares have slumped in recent months as the drugmaker struggled with its Alzheimer’s drug. After gaining U.S. approval in June for Aduhelm over the objections of experts who said there wasn’t enough clear evidence it worked, the government this month said it would limit Medicare coverage of the treatment. 

While Biogen has vowed to fight to reverse the preliminary Medicare decision, it’s left investors scrutinizing the company’s strategic outlook. Shares were hit in late December after Samsung Group denied a media report that the U.S. firm was in talks to sell itself to the Korean company. STAT reported this month that Biogen had been given a list of potential acquisitions by Goldman Sachs Group Inc., which is helping the biotech group identify buyout targets.

(Updates with stock movements and comments from companies.)

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