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Biogen Inc. (Nasdaq: BIIB) and Reata Pharmaceuticals, Inc. (Nasdaq: RETA) today announced the companies have entered into a definitive agreement under which Biogen has agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion.

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.

Reata Pharmaceuticals, Inc. (Nasdaq: RETA) (“Reata,” the “Company,” “our,” “us,” or “we”) announced that at a special meeting held today, preliminary results indicate that the stockholders of the Company voted to approve the Company’s previously announced acquisition (the “Merger”) by Biogen Inc., a Delaware corporation (“Biogen”).

Following Biogen’s $7.3 billion acquisition of Reata Pharmaceuticals in July 2023, the drug on Monday was approved in the European Union for treating the rare genetic disorder that causes progressive damage to the nervous system.

While the biotech’s third-quarter revenue beat Wall Street expectations, its $7.3 billion acquisition of Reata Pharmaceuticals—which closed in September—negatively impacted 2023 per-share earnings.

Reata Pharmaceuticals, Inc. (Nasdaq: RETA) (“Reata,” the “Company,” “our,” “us,” or “we”) announced that management will participate in the Goldman Sachs 44th Annual Global Healthcare Conference on June 12 – 15, 2023, in Dana Point, California.

The layoffs, set to take effect in late November, will impact about a third of Reata’s headcount. The workforce reduction comes just weeks after Biogen completed its $7.3 billion Reata buy.

Reata Pharmaceuticals, Inc. announced that the U.S. Food and Drug Administration accepted for filing the Prior Approval Supplement to update the drug substance specification for SKYCLARYS®.

Reata Pharmaceuticals, Inc. announced that management will participate in the Barclays Global Healthcare Conference held next week, March 14-16, in Miami, Florida.

Reata Pharmaceuticals, Inc., a global biopharmaceutical company focused on developing and commercializing novel therapies for patients with severe diseases, announced the appointment of Rajiv Patni, M.D., as Executive Vice President, and Chief Research & Development Officer.