Biogen’s acquisition conundrum

Having successfully navigated through one of the company’s biggest binary events with the Phase III Alzheimer’s data for lecanemab, Biogen now faces a strategic choice: either push forward with lecanemab as potentially the company’s sole near-term growth driver, or look for acquisitions that could add late-stage or commercial assets to take some of the pressure off the early Alzheimer’s launch.

Given the dynamics of a declining revenue stream and partial ownership of lecanemab’s economics, four buysiders told BioCentury that the current valuation of Biogen (NASDAQ:BIIB) means it is unlikely to become an acquisition target itself, despite its perceived vulnerability due to a lack of leadership at the top...