Biogen and its new CEO are finally wading into 2023’s M&A wave with a $7.3 billion deal for Reata Pharmaceuticals, which just secured FDA approval for a rare genetic disease.
The biotech company will pay $172.50 per share in cash for Reata, which recently launched Skyclarys for Friedreich’s ataxia in the US and is undergoing a European regulatory review. Stifel analyst Paul Matteis said the deal’s price is “hefty, but not if Skyclarys can meet $1B in revenues.”
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