: Biogen agrees to acquire Reata Pharmaceuticals for $7.3 billion in cash

Biogen Inc. BIIB said Friday it has agreed to acquire Reata Pharmaceuticals Inc. RETA for $7.3 billion in cash. Reata “has made significant advancements developing therapeutics that regulate cellular metabolism and inflammation in serious neurologic diseases,” Biogen said in a statement. The company’s FDA-approved Skyclarys is the first and only approved treatment for Friedreich’s ataxia in the U.S., with a commercial launch underway and a European review ongoing. Biogen will pay $172.50 per Reata share. The stock closed Thursday at $108.55. The deal is expected to close in the fourth quarter and to significantly boost Biogen’s adjusted per-share earnings starting in 2025. Biogen plans to fund the deal with cash on hand and by issuing term debt. Friedreich’s ataxia is an ultra-rare, genetic, life-shortening, debilitating, and degenerative neuromuscular disorder, said the company. Reata’s stock jumped 13.3% premarket on the news, while Biogen was down 1%.

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