Reata Pharmaceuticals Snapped Up in $7.3 Billion Deal with Biogen

Reata Pharmaceuticals, Inc. (Nasdaq: RETA) announced on Friday that it will be acquired by Biogen Inc. (Nasdaq: BIIB), as the industry giant looks to strengthen its rare disease portfolio. The transaction is anticipated to close in Q4 2023.

Reata’s shares were up nearly 55% in premarket trading on Monday following the news.

Highlights

Biogen has agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion.

Reata’s SKYCLARYS® (omaveloxolone), a treatment for Friedreich’s ataxia, has been approved by the FDA with a commercial launch underway, and European regulatory review ongoing.

Warren Huff, Chairman and Chief Executive Officer of Reata, said, “With its clear understanding of the rare disease patient journey and existing commercial infrastructure, we believe Biogen will establish SKYCLARYS as the standard of care in the treatment of this devastating genetic disease.”

Biogen expects to finance the acquisition with cash on hand, supplemented by the issuance of term debt.

About Reata Pharmaceuticals

Reata is a global biopharmaceutical company committed to developing and commercializing novel therapeutics for patients with serious or life-threatening diseases with few or no approved therapies. Reata focuses on molecular pathways involved in the regulation of cellular metabolism and inflammation. Reata’s first product, SKYCLARYS® (omaveloxolone) has been approved by the FDA for the treatment of Friedreich’s ataxia and is under review in Europe by the EMA. In addition, Reata is developing cemdomespib for the treatment of patients with diabetic neuropathic pain. Cemdomespib is an investigational drug, and its safety and efficacy have not been established by any regulatory agency. For more information visit https://reatapharma.com.

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Reata Pharmaceuticals Snapped Up in $7.3 Billion Deal with Biogen

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