M&A · Healthcare · Pharmaceutical Preparations
Biogen Inc. to acquire Reata Pharmaceuticals Inc
Announced Jul 28, 2023 · Closed Sep 26, 2023
Deal value$7.30BEV $7.30B
Premium63.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$172.50 per share
Transaction
- Acquirer
- Biogen Inc. (BIIB)
- Target
- Reata Pharmaceuticals Inc (RETA)
- Buyer type
- Strategic
- Offer price per share
- $172.50
- Enterprise value
- $7.30B
- Status
- Closed Sep 26, 2023
Deal protections
- Break fee (target pays)
- $264M · 3.6%
- Reverse fee (buyer pays)
- $301M · 4.1%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan
Advisors
- To the acquirer
- Lazard
- To the target
- Goldman Sachs
Sector context · Healthcare
- Comparable deals
- 88 in the prior 24 months
- Premium
- 63.0% vs. 50.0% sector median
- EV / Adj. EBITDA
- Sector median 17.4x
- Break fee
- 3.6% vs. 3.5% sector median
Timeline
- AnnouncedJul 28, 2023
- Proxy filedAug 11, 2023
- Definitive proxyAug 22, 2023
- Shareholder voteSep 21, 2023
- ClosedSep 26, 2023
Valuation · fairness opinions
Other analysis$159.43$189.20
Premiums paid$155.95$211.12
Offer $172.50
Implied value per Reata Pharmaceuticals Inc share by analysis, from Goldman Sachs · DCF discount rate 11%–13%.