Warren Buffett’s Berkshire Hathaway, which made itself into a symbol of rock-solid investment strategy, has revealed a stake in the big biotech as it takes on one of the biggest gambles in the industry.
Warren Buffett’s Berkshire Hathaway has bought 648,447 shares of Biogen at a combined worth of $192.4 million ahead of the FDA filing of a controversial Alzheimer's drug.
Warren Buffett often talks about how a successful investment is built around the target company’s competitive edge or so-called “moat.” Now, the American tycoon thinks he hasspotted a technology fortress in Biogen.
Buffet’s Berkshire Hathawaybought 648,447 shares of the Big Biotech at a combined worth of $192.4 million near the end of 2019, the investment shop disclosed in a recent securities filing.
The equity buildup came as a surprise given that the Oracle of Omaha isn’t often associated with biotech investments. It could be viewed as risky, as Biogen nears a do-or-die FDA filing—and hence decision—for controversial Eisai-partnered Alzheimer’s drug aducanumab.
Last October, Biogen shocked the biopharma world by moving to resurrect aducanumab for U.S. approval. It had previously announced the failure of two pivotal studies at interim analyses.
