Biogen's $7.3B deal for Reata followed a bidding war with mysterious 'Party A'
Biogen’s $7.3 billion acquisition of Reata Pharmaceuticals — its first major deal in more than four years — came after a showdown with another potential buyer that saw the acquisition price pushed up from $140 a share to $172.50, according to a securities filing.
The deal, announced just over a month after Biogen’s first approach, appears to be a sign of the increased flexibility that CEO Chris Viehbacher has with the company’s new board. For years, Biogen has kept out of the M&A market, and its last major takeover was the disastrous 2019 buyout of Nightstar Therapeutics.
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