Reata Stock Surges. Biogen Is Buying It for $7.3 Billion in Cash. | RETA Message Board Posts


Reata Pharmaceuticals, Inc.

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Msg  6 of 6  at  7/28/2023 12:56:04 PM  by

jerrykrause


Reata Stock Surges. Biogen Is Buying It for $7.3 Billion in Cash.

 

Reata Stock Surges. Biogen Is Buying It for $7.3 Billion in Cash.

 
 Biogen said Friday it will acquire Reata Pharmaceuticals in a deal valued at $7.3 billion.

Biogen (ticker: BIIB) agreed to acquire Reata (RETA) for $172.50 a share in cash. Shares in Reata surged 51% to $164.04 in premarket trading. Biogen shares were down 0.7%.

Reata has developed a drug named Skyclarys for treating Friedreich's ataxia in adults and adolescents age 16 and older. Friedreich's ataxia is a neurodegenerative disorder typically diagnosed during adolescence, which commonly causes patients to need a wheelchair and shortens life expectancy.

"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," Biogen CEO Christopher Viehbacher said in a statement .

 


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