's (NASDAQ: BIIB) biggest problem in recent times has been growth. The biotech giant's multiple sclerosis (MS) portfolio is facing more and more generic competition, and that's resulted in declining sales. All this has weighed on share performance too, as investors wonder about what the company and its earnings will look like in the future.

Over the past several months, Biogen has worked on the rollout of what could be its next growth driver, Alzheimer's treatment Leqembi. That product recently won regulatory approval. But Biogen's not stopping here. In fact, the company just announced its biggest acquisition by dollar value ever. Here's what you need to know.

First, a bit of background. As mentioned, Biogen's looking to develop and acquire products that could power a new phase of growth. The company's biggest drug, Tecfidera, faces generic competition, and in the most recent quarter its sales fell 36%. Total revenue and net income also dropped.

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Source Fool.com