Biogen to Buy Reata for $7.3 Billion in Rare-Disease Deal
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Biogen agreed to give $172.50 per share in cash to Reata, accompanied by term debt issuance. The transaction will close in the fourth quarter of 2023.
Biogen’s president and chief executive officer, Christopher Viehbacher, said the company believes it has the foundation in place to “accelerate the delivery of Skyclarys to patients around the world”. “This is a unique opportunity for Biogen to bolster our near term growth trajectory, and Skyclarys is an excellent complement to our global portfolio of treatments for neuromuscular and rare disease.”
Warren Huff, chairman and chief executive officer of Reata, said: “Biogen’s expertise and commercial footprint make it the optimal choice to help Skyclarys realise its full potential. “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.”
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