Biogen To Acquire Reata Pharmaceuticals for $7.3 Bn

Biogen has agreed to acquire Reata Pharmaceuticals, a Plano, Texas, bio/pharmaceutical company, for $7.3 billion. 

Reata specializes in developing small-molecule therapeutics that regulate cellular metabolism and inflammation in neurologic diseases. Its lead commercial asset is Skyclarys (omaveloxolone) for treating Friedreich’s ataxia, a rare inherited disease that causes progressive damage to the nervous system and movement problems. The drug was approved by the US Food and Drug Administration earlier this year (February 2023). The company’s marketing authorization application for omaveloxolone is under review in Europe by the European Medicines Agency. Reata is also developing cemdomespib for treating diabetic neuropathic pain. 

The deal was approved by the Boards of Directors of both companies and is expected to close in the fourth quarter of 2023. 

Source: Biogen