Biogen To Acquire Gene-Therapy Company Nightstar for $800 MillionBy
Biogen has entered into an agreement to acquire Nightstar Therapeutics (NST), a clinical-stage gene- therapy company based in London, which is focused on adeno-associated virus (AAV) treatments for inherited retinal disorders.
Under the terms of the proposed acquisition, Biogen will pay $25.50 in cash for each NST share, which represents a total transaction value of approximately $800 million after taking into account expected transaction expenses and anticipated cash at closing.
Nightstar has two mid-to late-stage clinical assets as well as preclinical programs. Its lead asset, NSR-REP1, is in Phase III development for choroideremia, a rare degenerative disorder that leads to blindness.
NST’s second clinical program is NSR-RPGR for the treatment of X-linked retinitis pigmentosa (XLRP), which is also a rare inherited retinal disease primarily affecting males. Nightstar’s preclinical pipeline includes NSR-ABCA4 for Stargardt disease and potential programs targeting Best vitelliform macular dystrophy (Best disease) and other genetic forms of retinitis pigmentosa.
The proposed acquisition will be implemented by means of a UK court-sanctioned scheme of arrangement. The closing of the proposed acquisition is subject to customary closing conditions, including the approval by NST shareholders, the issuance of an order by the UK court, and receipt of regulatory approvals. The proposed acquisition does not require the approval of Biogen’s stockholders. Biogen expects to complete the acquisition by mid-year 2019.