Biogen Inc. agreed to sell its Hillerød, Denmark-based large-scale biologics manufacturing site to Fujifilm Corp. for up to $890 million in cash.
The consideration is subject to minimum purchase commitment guarantees and other contractual terms, Biogen said.
Cambridge, Mass.-based Biogen is selling its subsidiary Biogen (Denmark) Manufacturing ApS, which holds the company's biologics manufacturing operations in the European city.
Following the deal's closing, Tokyo-based Fujifilm will use the Hillerød site to produce third-party products for Biogen, including multiple sclerosis drug Tysabri.
The transaction is subject to closing conditions, including antitrust clearance. The deal is expected to close in the second half of 2019.
Biogen will continue to operate its manufacturing site in Research Triangle Park, N.C. and expects another site, in Solothurn, Switzerland, to be operational by the end of 2020.
As a result of the deal, Biogen expects to see a total after-tax loss of $130 million to $150 million, or 66 cents to 76 cents per diluted share, in the first quarter of 2019.