Biogen Completes Acquisition of Reata Pharmaceuticals
September 26 2023 - 8:59AM
Biogen Inc. (Nasdaq: BIIB) – has completed the acquisition of Reata
Pharmaceuticals, Inc. (Nasdaq: RETA), a company focused on
developing therapeutics that regulate cellular metabolism and
inflammation in serious neurologic diseases. As a result of the
transaction, Biogen has now acquired SKYCLARYS® (omaveloxolone), as
well as other clinical and preclinical pipeline programs.
SKYCLARYS®, Reata Pharmaceuticals’ lead asset, was approved for
the treatment of Friedreich’s ataxia (FA), a rare neuromuscular
disorder, in the United States earlier this year. FA is genetic,
progressive, life-shortening, debilitating, and degenerative,
affecting an estimated 5,000 diagnosed patients within the United
States1. The commercial launch of SKYCLARYS® is underway in the
United States and European regulatory review is ongoing. As of the
closing date, over 1,000 patient start forms for SKYCLARYS® have
been submitted in the United States.
“By adding a highly complementary product in an area of
significant unmet medical need to our portfolio, we believe the
acquisition of Reata aligns with our strategy to serve patients,
drive sustainable growth and create significant shareholder value,”
said Christopher A. Viehbacher, President and Chief Executive
Officer at Biogen. “With the transaction now complete, we look
forward to leveraging Biogen’s rare disease expertise and
capabilities to work together with our Reata colleagues as one team
to bring SKYCLARYS® to patients living with this devastating
disease.”
Biogen anticipates significant synergies with its existing rare
disease portfolio and plans to update its Full Year 2023 Financial
Guidance in conjunction with its third quarter 2023 earnings
release. The acquisition of Reata is expected to be slightly
dilutive to Biogen’s Non-GAAP diluted Earnings Per Share (EPS) in
2023, roughly neutral in 2024, and significantly accretive
beginning in 2025, inclusive of associated transaction costs. As a
result of the transaction closing, Reata’s Class A common stock
will no longer be listed for trading on the Nasdaq Global
Market.
About SKYCLARYS®
(omaveloxolone)SKYCLARYS® (omaveloxolone) is an
oral, 150 mg once-daily medication indicated for the treatment of
Friedreich’s ataxia in adults and adolescents aged 16 years and
older in the United States. Additionally, the company’s Marketing
Authorization Application for omaveloxolone is under review in
Europe by the European Medicines Agency (EMA). The European
Commission has granted Orphan Drug designation in Europe to
omaveloxolone for the treatment of Friedreich’s ataxia.
About BiogenFounded in 1978, Biogen is a
leading global biotechnology company that has pioneered multiple
breakthrough innovations including a broad portfolio of medicines
to treat multiple sclerosis, the first approved treatment for
spinal muscular atrophy, and two co-developed treatments to address
a defining pathology of Alzheimer’s disease. Biogen is advancing a
pipeline of potential novel therapies across neurology,
neuropsychiatry, specialized immunology and rare diseases and
remains acutely focused on its purpose of serving humanity through
science while advancing a healthier, more sustainable and equitable
world.
We routinely post information that may be important to investors
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These statements speak only as of the date of this press
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forward-looking statements.
References:
- Lynch DR, et al., Safety and Efficacy of Omaveloxolone in
Friedreich Ataxia (MOXIe Study). Ann Neurol. 2021
Feb;89(2):212-225. doi: 10.1002/ana.25934
MEDIA
CONTACT:BiogenJack Cox+ 1 781 464
3260public.affairs@biogen.com |
INVESTOR
CONTACT:BiogenChuck Triano+1 781 464
2442IR@biogen.com |
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