Biogen Completes Acquisition Of Reata Pharmaceuticals; Plans To Update 2023 Guidance

(RTTNews) - Biogen Inc. (BIIB) has completed the acquisition of Reata Pharmaceuticals, Inc. (RETA). As a result, Biogen has now acquired SKYCLARYS, and other clinical and preclinical pipeline programs. SKYCLARYS is the first and only FDA approved treatment for Friedreich's ataxia in the U.S. The commercial launch of SKYCLARYS is underway in the U.S. and European regulatory review is ongoing.

Biogen expects significant synergies with its existing rare disease portfolio and plans to update its 2023 financial guidance in conjunction with its third quarter earnings release. The company expects acquisition of Reata to be slightly dilutive to Non-GAAP earnings per share in 2023, roughly neutral in 2024, and significantly accretive beginning in 2025, inclusive of associated transaction costs.

Reata's class A common stock will no longer be listed for trading on the Nasdaq Global Market.