Biogen slips on deal to acquire Reata Pharmaceuticals

Reata Pharmaceuticals

28/07/2023 13:00

** Shares of global biotechnology co Biogen Inc  BIIB.O 
down 0.7% at $260.87, premarket
    ** BIIB on Friday says it would buy biotech firm Reata
Pharmaceuticals  RETA.O  for roughly $6.5 bln to expand its
presence in the rare disease drugs market; including debt, the
deal values RETA at about $7.3 bln
    ** The deal is expected to close in Q4 of 2023
    ** BIIB expects to finance the acquisition with cash on
hand, supplemented by the issuance of term debt
    ** Up to last close, BIIB shares down 5.10% YTD

 (Reporting by Rupali Chaudhary in Bengaluru)
 ((Rupali.chaudhary@thomsonreuters.com))