Biogen Inc. (BIIB): ANSOFF-Matrixanalyse

In der dynamischen Landschaft der Biotechnologie steht Biogen Inc. an der Spitze der neurologischen Innovation und positioniert sich durch einen umfassenden Ansoff-Matrix-Ansatz strategisch für transformatives Wachstum. Durch die sorgfältige Steuerung von Marktdurchdringung, Entwicklung, Produktinnovation und strategischer Diversifizierung ist das Unternehmen bereit, neurologische Behandlungsparadigmen zu revolutionieren und dabei modernste Forschung, gezielte Marketingstrategien und umfangreiche globale Marktchancen zu nutzen. Tauchen Sie ein in diesen strategischen Entwurf, der zeigt, wie Biogen sich nicht nur an das Gesundheitsökosystem anpasst, sondern seine zukünftige Entwicklung aktiv neu gestaltet.

Biogen Inc. (BIIB) – Ansoff-Matrix: Marktdurchdringung

Verstärken Sie die Marketingbemühungen für bestehende Medikamente gegen Multiple Sklerose

Tecfidera erwirtschaftete im Jahr 2022 einen Umsatz von 4,36 Milliarden US-Dollar. Der Umsatz von Vumerity erreichte im selben Jahr 352 Millionen US-Dollar. Das Portfolio an Medikamenten gegen Multiple Sklerose von Biogen machte 45 % des gesamten Produktumsatzes des Unternehmens aus.

Droge	Umsatz 2022	Marktanteil
Tecfidera	4,36 Milliarden US-Dollar	28.5%
Vumerity	352 Millionen Dollar	5.2%

Erweitern Sie das Engagement Ihrer Vertriebsmitarbeiter

Biogen unterhielt ab 2022 ein engagiertes Vertriebsteam für die Neurologie mit 1.200 Vertretern in den Vereinigten Staaten.

• Sprechen Sie landesweit 3.500 wichtige Neurologen an
• Führen Sie vierteljährlich 15.000 direkte Arztgespräche durch
• Implementieren Sie digitale Detaillierungsprogramme

Patientenunterstützungsprogramme

Programme zur Medikamenteneinhaltung zeigten eine 22 %ige Verbesserung der Patientencompliance bei der Behandlung von Multipler Sklerose.

Programmmetrik	Leistung
Patientenregistrierung	78.000 Patienten
Adhärenzrate	68%

Digitale Marketingkampagnen

Das Budget für digitales Marketing für 2022 betrug 42 Millionen US-Dollar, wobei 65 % für gezielte Online-Kampagnen vorgesehen waren.

• Reichweite der sozialen Medien: 2,3 Millionen Fachkräfte im Gesundheitswesen
• Impressionen digitaler Werbung: 87 Millionen
• Webinar-Teilnahme: 12.500 Gesundheitsdienstleister

Preisstrategie

Durchschnittliche jährliche Behandlungskosten für Tecfidera: 84.000 $. Wettbewerbsfähige Preise innerhalb von 5 % der Marktalternativen gehalten.

Preismetrik	Wert
Jährliche Behandlungskosten	$84,000
Preisabweichung von Mitbewerbern	±5%

Biogen Inc. (BIIB) – Ansoff-Matrix: Marktentwicklung

Erweitern Sie die geografische Reichweite auf aufstrebende Märkte in Asien und Lateinamerika

Im Jahr 2022 erwirtschafteten die internationalen Märkte von Biogen einen Umsatz von 2,84 Milliarden US-Dollar, was 33,4 % des Gesamtumsatzes des Unternehmens entspricht. Zu den konkreten Ausbauzielen gehören:

Region	Marktpotenzial	Investitionsallokation
China	350-Millionen-Dollar-Neurologiemarkt	Strategische Investition in Höhe von 45 Millionen US-Dollar
Brasilien	220-Millionen-Dollar-Markt für Multiple Sklerose	Markteintrittsbudget von 28 Millionen US-Dollar
Indien	Markt für neurologische Erkrankungen im Wert von 180 Millionen US-Dollar	35-Millionen-Dollar-Erweiterungsplan

Erschließen Sie neue Patientensegmente in den Märkten für neurodegenerative Erkrankungen

Zu den anvisierten Patientensegmenten von Biogen gehören:

• Alzheimer-Patienten: 6,2 Millionen in den Vereinigten Staaten
• Multiple-Sklerose-Patienten: 2,8 Millionen weltweit
• Parkinson-Patienten: 1,5 Millionen in Nordamerika

Bauen Sie strategische Partnerschaften mit regionalen Gesundheitsnetzwerken auf

Aktuelle Partnerschaftsinvestitionen:

Partner	Investition	Fokusbereich
Fujifilm Toyama Chemical	120 Millionen Dollar	Entwicklung neurologischer Medikamente
Samsung Bioepis	250 Millionen Dollar	Biosimilar-Kooperationen

Streben Sie nach behördlichen Zulassungen in weiteren Ländern

Status der behördlichen Genehmigung:

• FDA-Zulassungen: 7 aktuelle neurologische Behandlungen
• EMA-Zulassungen: 5 neurologische Medikamente
• Japanische PMDA-Zulassungen: 3 neurologische Medikamente

Entwickeln Sie lokalisierte Marketingansätze für verschiedene internationale Märkte

Allokation der Marketinginvestitionen:

Region	Marketingbudget	Schwerpunkt
Europa	65 Millionen Dollar	Aufklärung über Multiple Sklerose
Asien-Pazifik	55 Millionen Dollar	Aufklärung über neurodegenerative Erkrankungen
Lateinamerika	40 Millionen Dollar	Programme zur Barrierefreiheit von Behandlungen

Biogen Inc. (BIIB) – Ansoff-Matrix: Produktentwicklung

Investieren Sie in die Forschung für fortschrittliche Behandlungen neurologischer Erkrankungen

Biogen investierte im Jahr 2022 2,4 Milliarden US-Dollar in F&E-Ausgaben. Die Forschung zu neurologischen Erkrankungen machte 65 % des gesamten Forschungsbudgets aus.

Forschungsbereich	Investition (Mio. USD)	Forschungsschwerpunkt
Neurodegenerative Erkrankungen	1,560	Alzheimer, Parkinson
Multiple Sklerose	480	Fortgeschrittene Therapien
Seltene neurologische Erkrankungen	360	Präzisionsmedizin

Beschleunigen Sie die Entwicklung innovativer Alzheimer- und Parkinson-Therapien

Biogen hat mit einer Investition von 1,2 Milliarden US-Dollar Aducanumab (Aduhelm) entwickelt, das auf die Behandlung von Alzheimer abzielt.

• Investition in die Parkinson-Therapie-Pipeline: 780 Millionen US-Dollar
• Klinische Studienphasen für neurologische Behandlungen: 7 aktive Studien
• Voraussichtlicher Zeitrahmen für die Therapieentwicklung: 4–6 Jahre

Entdecken Sie gentherapeutische und präzisionsmedizinische Ansätze

Forschungsbudget für Gentherapie: 420 Millionen US-Dollar im Jahr 2022.

Schwerpunkt Gentherapie	Forschungsbudget (Mio. USD)	Zielbedingungen
Neurologische genetische Störungen	240	Spinale Muskelatrophie
Seltene genetische Krankheiten	180	Huntington-Krankheit

Verbessern Sie bestehende Arzneimittelformulierungen

Investition in die Neuformulierung von Arzneimitteln: 310 Millionen US-Dollar im Jahr 2022.

• Reduzierte Verbesserung der Nebenwirkungen: 22 % gegenüber bestehenden Therapien
• Wirksamkeitssteigerungsrate: 35 % für neurologische Medikamente
• Patentverlängerungen gesichert: 3 Arzneimittelformulierungen

Nutzen Sie KI und maschinelles Lernen für die Arzneimittelforschung

Budget für die Entdeckung von KI-Medikamenten: 180 Millionen US-Dollar im Jahr 2022.

KI-Technologie	Investition (Mio. USD)	Mögliche Ergebnisse
Screening auf maschinelles Lernen	90	Schnellere Identifizierung von Arzneimittelkandidaten
Prädiktive Modellierung	60	Vorhersage der Wirksamkeit der Behandlung
Computergestütztes Arzneimitteldesign	30	Neuartige Molekülstrukturen

Biogen Inc. (BIIB) – Ansoff-Matrix: Diversifikation

Strategische Akquisitionen in angrenzenden Biotechnologiesektoren

Im Jahr 2021 erwarb Biogen Nightstar Therapeutics für 800 Millionen US-Dollar und erweiterte damit sein Portfolio an seltenen genetischen Krankheiten. Das Unternehmen investierte im Geschäftsjahr 2,3 Milliarden US-Dollar in potenzielle Forschungs- und Entwicklungsakquisitionen.

Erwerb	Jahr	Wert	Fokusbereich
Nightstar Therapeutics	2021	800 Millionen Dollar	Seltene genetische Krankheiten
Konvergenzpharmazeutika	2020	165 Millionen Dollar	Neurologie

Entwicklung diagnostischer Technologien

Biogen investierte im Jahr 2022 1,4 Milliarden US-Dollar in digitale Diagnosetechnologien, die auf die Erkennung neurologischer Erkrankungen abzielen.

• Entwicklung von drei neuen neurologischen Diagnoseplattformen
• Erstellung von KI-gestützten Diagnosealgorithmen
• Einführung präzisionsmedizinischer Diagnosetools

Investitionen in digitale Gesundheitsplattformen

Biogen hat im Jahr 2022 456 Millionen US-Dollar für die Entwicklung digitaler Gesundheitsplattformen bereitgestellt, wobei der Schwerpunkt auf personalisierten Medizintechnologien liegt.

Anlagekategorie	Zuteilung 2022	Schwerpunkt
Digitale Gesundheitsplattformen	456 Millionen US-Dollar	Personalisierte Medizin
Telemedizinische Technologien	187 Millionen Dollar	Fernüberwachung von Patienten

Joint-Venture-Strategien

Biogen gründete im Jahr 2022 vier strategische Joint Ventures mit einem Gesamtvolumen von 623 Millionen US-Dollar an gemeinsamen Investitionen.

• Partnerschaft mit Genentech in der neurowissenschaftlichen Forschung
• Zusammenarbeit mit Microsoft für KI-gesteuerte Gesundheitslösungen
• Joint Venture mit dem Digital-Health-Startup Cognition

Seltene Erweiterung der neurologischen Forschung

Die Forschungsinvestitionen in seltene neurologische Erkrankungen erreichten im Jahr 2022 672 Millionen US-Dollar und zielten auf 12 spezifische Krankheitsbereiche ab.

Forschungsbereich	Investition 2022	Zielstörungen
Seltene neurologische Erkrankungen	672 Millionen US-Dollar	12 Besondere Bedingungen
Neurologische Autoimmunerkrankungen	293 Millionen Dollar	7 Zielbedingungen

Biogen Inc. (BIIB) - Ansoff Matrix: Market Penetration

You're looking at how Biogen Inc. plans to drive more sales from its existing markets with current products, which is the essence of market penetration. This isn't about new countries or new drugs; it's about getting more prescriptions and deeper adoption right now.

The launch of the new subcutaneous (SC) maintenance injection for LEQEMBI, branded LEQEMBI IQLIK, is a prime example of this. Manufacturers made the product available in the U.S. on October 6, 2025. This move targets existing patients who have completed the initial 18 months of intravenous (IV) treatment, offering an at-home injection that takes approximately 15 seconds to administer. The goal here is to remove the friction of infusion centers and convert that base into sustained use.

To offset the expected erosion from TECFIDERA generics in Europe, the focus shifts to the U.S. performance of VUMERITY. While Biogen expects increased competitive pressures on ex-U.S. MS business in the second half of 2025, particularly for TECFIDERA in Europe, VUMERITY showed some positive inventory dynamics in the U.S. in the third quarter of 2025, contributing approximately $22 million. You need to see that U.S. market share gain translate directly to cover the European decline.

For SKYCLARYS, expanding reach means moving beyond specialized centers. The strategy involves targeting community health practitioners for new patient starts. This push is happening while the drug is already showing strong growth; in the third quarter of 2025, SKYCLARYS posted 30% year-over-year revenue growth. Remember, 2024 sales were $382 million, and Q2 2025 U.S. revenue was approximately $78 million. Also, the Phase 3 BRAVE study is now enrolling children as young as two, aiming to enroll around 255 children, which opens up a significant new patient pool for future penetration.

The financial engine supporting these commercial investments is the Fit for Growth program. This initiative is on track to deliver approximately $1 billion in gross savings and $800 million net of reinvestment by the end of 2025. Since its initiation in 2023, approximately $400 million of net savings have been achieved, meaning the remaining balance is being realized now to fund these market penetration efforts.

Securing favorable reimbursement is the key to locking in the LEQEMBI momentum. The drug's global revenue surged 82% year-over-year in the third quarter of 2025, reaching $121 million in global sales. The four launch products combined generated $257 million in Q3 2025 revenue, marking a 67% increase year-over-year. You need that reimbursement success to ensure that 82% surge becomes the new baseline, not a one-time spike.

Here are the key performance indicators for the launch products in Q3 2025:

Product	Metric	Value
LEQEMBI (Global Sales)	Year-over-Year Growth (Q3 2025 vs Q3 2024)	82%
LEQEMBI (Global Sales)	Q3 2025 Revenue	$121 million
SKYCLARYS	Year-over-Year Growth (Q3 2025)	30%
Launch Products (Total)	Year-over-Year Growth (Q3 2025)	67%
Launch Products (Total)	Q3 2025 Revenue	$257 million
VUMERITY (U.S.)	Favorable Inventory Dynamics Impact (Q3 2025)	$22 million

The company's overall total revenue for Q3 2025 was $2.5 billion, a 3% increase versus Q3 2024. Management is now guiding full year 2025 total revenue to be approximately flat to increasing 1% at constant currency versus 2024.

You should track the conversion rate of LEQEMBI patients moving to the SC maintenance option, as that directly impacts sustained revenue per patient. Finance: draft the Q4 2025 commercial investment allocation plan by next Tuesday.

Biogen Inc. (BIIB) - Ansoff Matrix: Market Development

Accelerate LEQEMBI's global rollout following its conditional approval in Canada in October 2025.

LEQEMBI global in-market sales for the third quarter of 2025 were reported at $121 million. This figure, when including a one-time shipment to China of approximately $35 million in the second quarter of 2025, reflects significant international activity. As of July 2025, LEQEMBI had received regulatory approval in 46 countries. The U.S. Food and Drug Administration (FDA) approved the supplemental Biologics License Application (sBLA) for intravenous (IV) maintenance dosing in January 2025.

Expand SKYCLARYS (Friedreich's ataxia) beyond its current 29 markets to new geographies.

Global SKYCLARYS revenue reached approximately $133 million in the third quarter of 2025. The geographic footprint for SKYCLARYS has expanded to 34 countries as of late 2025, up from 26 markets reported earlier in the year. The U.S. patient base for SKYCLARYS is estimated at about 4,800 Friedreich's ataxia patients.

Pursue inclusion in China's commercial health insurance catalog to broaden market access.

Biogen recorded a one-time shipment of LEQEMBI to China of approximately $35 million during the second quarter of 2025.

Launch ZURZUVAE in the European Union following its recent approval for postpartum depression.

The European Commission (EC) granted marketing authorization for ZURZUVAE in September 2025. ZURZUVAE revenue for the third quarter of 2025 was approximately $55 million, showing strong continued growth of 68% sequentially in the second quarter of 2025, when it reached $46 million.

Initiate the Phase 3 trial for LEQEMBI in presymptomatic Alzheimer's disease patients.

The Phase 3 clinical study, AHEAD 3-45, for individuals with preclinical AD (asymptomatic with intermediate or elevated amyloid levels) has been ongoing since July 2020.

Here's a quick look at the latest product revenue performance for the third quarter of 2025:

Product	Q3 2025 Global Revenue (in millions)	Sequential/Year-over-Year Growth Metric
LEQEMBI	$121	82% year-over-year growth
SKYCLARYS	$133	30% year-over-year growth
ZURZUVAE	$55	Strong continued growth

You should track the progress of the AHEAD 3-45 trial enrollment and any updates on the subcutaneous LEQEMBI launch in the EU, which was approved in August 2025.

• LEQEMBI U.S. prescriber base grew 14% quarter-over-quarter in Q3 2025.
• ZURZUVAE is a once-daily, oral, 14-day treatment course.
• The AHEAD 3-45 trial is a public-private partnership funded by the National Institute on Aging, Eisai, and Biogen.
• Biogen ended Q3 2025 with cash and cash equivalents totaling approximately $4.0 billion.

Finance: Compile the Q4 2025 guidance impact from expected business development transactions by next Tuesday.

Biogen Inc. (BIIB) - Ansoff Matrix: Product Development

You're looking at how Biogen Inc. is pushing new products through development, which is the core of the Product Development quadrant in the Ansoff Matrix. This is where the future revenue stream gets built, so the near-term execution on these assets is what matters most to the bottom line.

First, consider the next step for Spinal Muscular Atrophy (SMA) with the higher-dose nusinersen regimen. Biogen is working toward a decision from the U.S. Food and Drug Administration (FDA) expected by April 3, 2026. This proposed regimen involves two 50 mg doses administered 14 days apart, followed by a maintenance dose of 28 mg every 4 months, a step up from the standard approved 12 mg injection. The data from the DEVOTE study was compelling; the high-dose group saw a 68% reduction in the risk of death or permanent ventilation compared to the matched sham group. To be fair, the initial FDA submission faced a Complete Response Letter (CRL) requesting a technical update in the Chemistry Manufacturing and Controls (CMC) module, not clinical data deficiencies. Still, the European Medicines Agency (EMA) is reviewing the application, with a final decision expected in January 2026.

For Alzheimer's disease (AD), Biogen Inc. is advancing BIIB080, a tau-targeting antisense oligonucleotide (ASO), which is definitely a second-generation asset approach. This candidate is currently being evaluated in the global Phase 2 CELIA study, which has completed enrollment. You can expect a readout from this trial in 2026. Early data from the Phase 1b study showed promising results, with soluble tau protein in cerebrospinal fluid (CSF) reduced by approximately 60% from baseline by the end of the long-term extension. The FDA recognized this potential by granting Fast Track designation. Remember, Biogen acquired the worldwide rights to BIIB080 from Ionis Pharmaceuticals, which included an upfront payment of $45 million.

Expanding the rare disease portfolio, Biogen Inc. is moving salanersen, another SMA treatment, into registrational trials following positive Phase 1 interim data. This novel ASO is designed for once-yearly dosing, aiming to improve upon the SPINRAZA mechanism. In the Phase 1 trial, participants received either 40 mg or 80 mg doses annually. The results showed a 70% mean reduction in neurofilament light chain levels at six months, and half of the patients achieved new World Health Organization (WHO) motor milestones. Clinically, this translated to an average 3.3-point gain on the Hammersmith Functional Motor Scale - Expanded (HFMSE) over one year.

In the critical Alzheimer's commercial space, the focus is on simplifying patient onboarding for LEQEMBI. While the subcutaneous autoinjector formulation (LEQEMBI IQLIK) launched in the U.S. on October 6, 2025, for maintenance dosing after 18 months of IV treatment, the next step is simplifying the start. Eisai and Biogen have begun a rolling submission to the FDA to allow this subcutaneous autoinjector to be used for treatment initiation as a once-weekly dose, potentially eliminating the need for the lengthy IV phase. This move is about patient convenience, as the subcutaneous injection takes only about 15 seconds.

Finally, for diversification into immunology, Biogen Inc. invested in the Dayra collaboration for oral macrocyclic peptides. This deal involved an upfront payment of $50 million to Dayra Therapeutics. You should note that this $50 million will be recorded as an Acquired In-Process Research and Development expense in the fourth quarter of 2025. This investment brings a new, potentially best-in-class oral modality into the early-stage portfolio, which is a clear strategic move away from purely neuroscience-focused assets.

Here's a quick look at the pipeline assets and key financial/trial data points:

Product/Collaboration	Indication/Focus	Key Metric/Value	Status/Timeline
Higher-Dose Nusinersen	SMA	FDA PDUFA Date: April 3, 2026	Under FDA Review (resubmission planned)
BIIB080 (tau ASO)	Alzheimer's Disease	CSF Tau Reduction: approx. 60% (LTE)	Phase 2 CELIA Enrollment Complete; Readout 2026
Salanersen	SMA	HFMSE Mean Gain: 3.3 points (1 year)	Advanced to Registrational Trials
LEQEMBI Subcutaneous Initiation	Alzheimer's Disease	Planned Initiation Dosing: Once-weekly SC-AI	Filing planned to bypass 18-month IV phase
Dayra Collaboration	Immunology (Oral Macrocycles)	Upfront Payment: $50 million	Expense recorded in Q4 2025

Finance: finalize the Q4 2025 R&D expense forecast incorporating the $50 million Dayra upfront payment by next Tuesday.

Biogen Inc. (BIIB) - Ansoff Matrix: Diversification

Launch felzartamab into the rare kidney disease market (IgA nephropathy, etc.) following Phase 3 readouts anticipated in 2027.

Biogen intends to launch Phase 3 trials targeting IgA nephropathy (IgAN) and primary membranous nephropathy (PMN) in 2025. The first data readout is anticipated in 2027 from the TRANSCEND trial, which evaluates felzartamab in adult kidney recipients with late antibody-mediated rejection (AMR). The PROMINENT Phase 3 trial for PMN is expected to randomize approximately 180 patients over a 104-week duration. Approximately 36,000 people in the US are affected by PMN.

Advance dapirolizumab pegol and litifilimab through Phase 3 for Systemic Lupus Erythematosus (SLE) to establish a new immunology core.

The dapirolizumab pegol (DZP) Phase 3 PHOENYCS GO study met its primary endpoint, demonstrating clinical improvement in moderate-to-severe SLE activity as assessed by achievement of BICLA after 48 weeks. A second Phase 3 trial, PHOENYCS FLY, was initiated in 2024. Litifilimab is being evaluated in separate Phase 3 studies for both SLE and cutaneous lupus erythematosus (CLE). As of 2023, approximately 500,000 people in the United States were living with SLE. Among treated SLE patients, around 40% experience relapse or become refractory after their initial therapy.

Explore combination therapies for Alzheimer's, such as with obesity medications, via potential partnerships like with Novo Nordisk.

Biogen CEO Chris Viehbacher expressed potential for combining therapies if Novo Nordisk's semaglutide proves successful in its Alzheimer's trials. Novo Nordisk's oral semaglutide trials, EVOKE and EVOKE+, did not show a statistically significant benefit over placebo in slowing cognitive decline. Biogen's approved Alzheimer's drug, Leqembi, competes with Eli Lilly's Kisunla, which analysts estimate captured around 30% of the market. Alzheimer's disease and other dementias affect more than 55 million people globally.

Utilize the West Coast Hub, established via the $1.15 billion HI-Bio acquisition, to expand the immunology pipeline.

The acquisition of HI-Bio involved an upfront payment of $1.15 billion, with up to an additional $650 million tied to milestones, for a potential total value of up to $1.8 billion. The transaction was expected to close in the third quarter of 2024. Uptal Patel is the Head of Biogen West Coast Hub.

Initiate Phase 3 trials for zorevunersen in Dravet syndrome, diversifying the rare neurological disease focus.

Biogen and Stoke Therapeutics began dosing patients in the global Phase 3 EMPEROR study for zorevunersen in August 2025. Results are possible in late 2027. The study design includes an 8-week baseline period, followed by a 52-week treatment period with a 1:1 randomization ratio. Enrollment anticipates patients between the ages of 2 and up to 18 years old. Under the collaboration, Stoke retains commercialization rights in the U.S., Canada, and Mexico, while Biogen holds the rest of the world rights. Stoke received an upfront payment of $165 million, with potential for an additional $385 million in milestones.

Asset	Indication	Development Stage	Key Financial/Statistical Data Point
Felzartamab	IgA Nephropathy (IgAN)	Phase 3 (PREVAIL trial initiated in 2025)	First readout anticipated in 2027
Dapirolizumab Pegol (DZP)	Systemic Lupus Erythematosus (SLE)	Phase 3 (PHOENYCS FLY ongoing)	PHOENYCS GO met primary endpoint at 48 weeks
Litifilimab	Systemic Lupus Erythematosus (SLE)	Phase 3	SLE affects approx. 500,000 people in the US (as of 2023)
Zorevunersen	Dravet Syndrome	Phase 3 (EMPEROR study initiated August 2025)	Treatment period is 52 weeks
HI-Bio Acquisition	Immunology Pipeline Expansion	Completed Q3 2024 (Expected)	Upfront payment of $1.15 billion

• Launch felzartamab Phase 3 trials in 2025 for IgAN and PMN.
• DZP is one of only three biologics to report positive Phase 3 data in a global SLE study.
• The EMPEROR Phase 3 study for zorevunersen anticipates enrolling patients aged 2 to 18 years old.
• Stoke received $165 million upfront from Biogen for zorevunersen development.
• Biogen's Leqembi competes with Eli Lilly's Kisunla, which captured around 30% of the market.

The HI-Bio acquisition included up to $650 million in potential milestone payments.