By Maria Armental

Biogen Inc.'s investors will receive a special dividend, completing the planned spinoff of its hemophilia drug business.

Cambridge, Mass.-based Biogen moved to separate the business, about 5% of Biogen's $10.76 billion in annual revenue, to focus on neurology drugs.

Under the plan, approved Tuesday by Biogen's board, Biogen investors as of the close of business on Jan. 17 will receive a share in Bioverativ, the standalone hemophilia company, for each two shares they hold in Biogen. The dividend would be paid on Feb. 1.

Biogen will retain no ownership interest.

Bioverativ has applied to trade on Nasdaq under the ticker symbol BIVV.

Biogen's stock, down 7% this year, gained 18 cents to $285.59 in after-hours trading.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

December 20, 2016 16:50 ET (21:50 GMT)

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