Biotechnology company Biogen is considering making acquisitions to preserve shareholder value, according to a report by Stat News.

Citing unnamed sources, the health-oriented news website said Biogen hired Goldman Sachs to help it find potential targets. The board began considering the idea after the debacle related to the approval of its controversial Alzheimer’s drug Aduhelm, which experts say is ineffective.

Biogen was profiled as vulnerable to shareholder activism by Activist Insight Vulnerability in May 2021, shortly before the approval of Aduhelm. The report said at the time that Biogen was unprepared for the upcoming expiration of some key patents, which puts it at risk of revenue losses.

“An activist investor could demand the company spend more money on late-stage assets that could help smooth the upcoming loss of revenues until the early-stage assets reach the market,” forecasted by the company to be in 2021, the report noted at the time.

Aduhelm, the only hope for the company to avoid a plunge over the patent cliff, received a chill response from users despite being approved by the Food and Drug Administration.

CEO Michel Vounatsos said in a conference call with analysts Thursday that management was engaging with the board on “tactical, short-term measures, but also strategic options.”

Shares in Biogen climbed 5% Thursday but are still 11% in the red over the past 12 months.

Biogen is currently in the 84th percentile of companies most vulnerable to shareholder activism over the next nine months.

The report on Biogen can be accessed here.