Biogen agreed to buy biotech firm Reata Pharmaceuticals for nearly $6.5 billion to bolster its position in the rare disease drugs market while its older multiple sclerosis drugs face intense competition.
for nearly $6.5 billion to bolster its position in the rare disease drugs market while its older multiple sclerosis drugs face intense competition.
Biogen has said it has been hunting for deals, especially in areas such as rare diseases and immunology, to expand beyond its multiple sclerosis drugs portfolio that is under pressure from competition. "We've thought that Reata is one of the few logical takeover targets for Biogen," said Stifel analyst Paul Matteis, adding that the deal meets Biogen's objective of near-term sales growth.
Biogen already makes Spinraza, a treatment for rare muscle-wasting disorder spinal muscular atrophy, and a treatment for a rare type of amyotrophic lateral sclerosis.
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