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Biogen board approves spinoff of hemophilia unit

Biogen Inc.'s board approved the spinoff of the company's hemophilia business, which will be known as Bioverativ Inc.

Biogen shareholders will receive 1 share of Bioverativ common stock for every 2 shares of Biogen common stock held as of Jan. 17, 2017. Shareholders will receive cash for fractional shares. The special dividend distribution will be paid out Feb. 1, 2017. The distribution of Bioverativ common stock will finalize the separation of Bioverativ.

Bioverativ has also applied to be listed on the Nasdaq Global Select Market under the ticker symbol BIVV.

The spinoff has been structured to qualify as a tax-free distribution to Biogen shareholders in the U.S. for federal income tax purposes, Biogen said.

Post-spinoff, Biogen will retain no ownership interest in Bioverativ.