Shares of biopharmaceutical company Reata Pharmaceuticals (NASDAQ:RETA) are up nearly 52% at the time of writing today after it agreed to be acquired by healthcare major Biogen (NASDAQ:BIIB) at $172.50 per share. This pegs the enterprise value for the company at $7.3 billion.
Importantly, Reata’s Skyclarys is the only approved treatment for Friedreich’s Ataxia in the U.S. and is under a regulatory review in Europe. The company also has a clinical portfolio under development for the treatment of neurological diseases.
Biogen is a leading name in rare diseases and its global commercialization expertise could help in accelerating Skyclarys’ global footprint. The acquisition has been approved by the Boards of both companies and is anticipated to close in the fourth quarter.
Moreover, beginning 2025, the addition of Reata is expected to be significantly accretive to Biogen’s bottom line.
Reata shares have now surged nearly 261% over the past year. Meanwhile, Biogen shares are trending nearly 1% lower today.
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