Biogen to acquire Reata Pharmaceuticals
Betsy Goodfellow | July 31, 2023 | News story | Business Services | Biogen, Neurology, Reata Pharmaceuticals, acquisition
Biogen and Reata Pharmaceuticals have announced that they have entered a definitive agreement under which Biogen will acquire Reata for approximately $7.3bn, or $172.50 per share.
Reata has a focus on developing therapeutics to regulate cellular metabolism and inflammation in serious neurologic diseases; the company’s drug Skyclarys (omaveloxolone) is the only treatment to be approved by the US Food and Drug Administration (FDA) for the treatment of Friedreich’s ataxia (FA). The company is also in the process of developing a portfolio of products for various neurological disorders.
Christopher Viehbacher, Biogen’s president and CEO, commented: “With extensive expertise in rare disease product development and global commercialisation, as demonstrated by Spinraza and the recent launch of Qalsody, we believe Biogen 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 CEO of Reata, added: “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.”
Betsy Goodfellow
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