Biogen’s board of directors has approved the planned spin-off of its hemophilia business, Bioverativ Inc., and declared a special dividend distribution of all of the outstanding shares of Bioverativ common stock.

For every two shares of Biogen common stock held of record as of the close of business on January 17, 2017, Biogen shareholders will receive one share of Bioverativ common stock. Registered shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid on February 1, 2017.

The distribution of Bioverativ common stock will complete the proposed separation of the hemophilia business from Biogen. After the separation, Bioverativ will become an independent, publicly traded company focused on hemophilia and other rare blood disorders, and Biogen will retain no ownership interest. Following the spin-off, Bioverativ will be a global biotechnology company focused on the research, development, and commercialization of therapies to address hemophilia and other rare blood disorders.

Source: Biogen