Reata jumps on Biogen's $6.5 bln buyout to expand rare disease portfolio

Reata Pharmaceuticals

28/07/2023 12:43

** Reata Pharmaceuticals Inc's shares  RETA.O  jump 51.5% to
$164.5 before the bell
    ** Biogen  BIIB.O  to buy RETA for $172.50/share in cash in
a roughly $6.5 bln deal (Deal value ~$7.3 bln, incl debt)
    ** BIIB shares down ~1% to $260 premarket 
    ** Biogen expects to fund deal with cash on hand, term debt
    ** Deal to help BIIB expand in rare disease drugs market and
add to its adjusted EPS in 2025
    ** As of Thursday's close, RETA stock up 185.73% this year 
    

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))