Samsung Group on Thursday denied a local media report that it was in talks with Biogen to acquire the US biotech company in a deal worth 50 trillion won ($42.2 billion).

Calling the report “groundless,” a Samsung spokesperson said no such talks were underway and declined to comment further.

Samsung’s pharmaceutical manufacturing unit, Samsung Biologics, also denied the report in a regulatory filing released later in the day.

Earlier in the day, the Korea Economic Daily reported, citing unnamed investment banking sources, that Samsung and Biogen had started talks for the acquisition deal after completing a feasibility study recently.

The report said Biogen reached out first as it was seeking a breakthrough amid weak sales of its controversial Alzheimer’s drug Aduhelm.

The deal price reflected Biogen’s market value worth $34.6 billion and a typical premium. Biogen’s key shareholders include Primecap Management (11.07 percent), BlackRock (9.4 percent) and Vanguard (7.96 percent).

The report said the potential deal could offer a boon for Samsung that owns two pharmaceutical manufacturing units but has no presence in new drug development.

Samsung Biologics and Biogen have existing ties as they set up a joint venture, called Samsung Bioepis, a biosimilar manufacturer, in 2012. Samsung holds a majority stake of 50.1 percent in the entity.

Following the report, Biogen’s Nasdaq-listed stock soared as much as 13 percent on the outlook for the Samsung deal before ending the day up 9.5 percent at $258.31.

Shares of Samsung Biologics and other pharmaceutical companies here also fluctuated between gains and losses in the day before and after Samsung’s denial of the report. Samsung Biologics closed at 903,000 won, up 1.46 percent from the previous trading day.