11.06.2020 16:52:23
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Stock Alert: Reata Pharma Climbs 27% Following Investment By Blackstone Life Sciences
(RTTNews) - Shares of clinical-stage biopharmaceutical company Reata Pharmaceuticals, Inc. (RETA) are surging more than 27% Thursday morning after the company announced a strategic investment of $350 million in it by Blackstone Life Sciences.
The royalty and equity investment in Reata is to fund the development and marketing of bardoxolone methyl (bardoxolone), Reata's drug candidate being investigated in chronic kidney disease, Alport syndrome, autosomal dominant polycystic kidney disease, and other associated potential future indications.
The investment by Blackstone Life Sciences includes $300 million in return for royalty payments on worldwide net sales of bardoxolone by Reata and its licensees, other than Kyowa Kirin Co., Ltd. The financing also includes a $50 million investment in 340,793 shares of Reata's Class A common stock at $146.72 per share. Reata will get $350 million at closing, which is expected on or before June 24.
RETA si currently trading at $167.46. It has traded in the range of $70.00- $257.96 in the last 52-weeks.
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