Biogen to acquire Reata for $172.50/share, ~$7.3B enterprise value

BIOGEN INC.

Deal price $172.50/share in cash; total enterprise value ~$7.3 billion.
Expected closing in Q4 2023; subject to Reata stockholder approval and regulatory clearances.
Biogen to finance with cash on hand plus term debt; voting agreements cover ~36% of Reata shares.
Acquisition expected to be slightly dilutive to Biogen non-GAAP EPS in 2023, neutral in 2024, significantly accretive from 2025.
Reata's SKYCLARYS is the first FDA-approved treatment for Friedreich's ataxia; launch underway, EU review ongoing.

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