Samsung Group is in talks to buy Biogen (NASDAQ: BIIB) for more than $40 billion, the Korean Economic Daily reported Wednesday afternoon citing investment banking sources.

The report said Biogen approached Samsung about a deal valued at around $42 billion. Biogen's current market cap is around $35 billion.

"Samsung is at the negotiating table with the sell side to acquire Biogen," a senior official at a global investment bank told The Korea Economic Daily on Dec. 29.

A spokesperson for Biogen told StreetInsider.com it does not comment on market rumors or speculation related to rumors Samsung Group is in talks to buy it.