Biogen Inc. agreed to acquire Reata Pharmaceuticals Inc. for $7.3 billion, including debt, to expand its rare disease treatments in one of its biggest-ever acquisitions.
The Cambridge, Massachusetts-based biotech company will pay $172.50 in cash for each Reata share, it said in a statement Friday, confirming an earlier Bloomberg News report. That represents a 59% premium to Reata’s Thursday closing price.
Reata received US Food and Drug Administration approval in February for Skyclarys, the first approved treatment for Friedreich’s ataxia, a rare inherited disease that can affect children as young as five and causes impaired walking and coordination. The treatment could generate peak sales of $1.5 billion, according to Barclays forecasts.
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