Part­ner­ing talks led to Bio­gen’s $800M Night­star buy­out as play­ers clus­tered around the hot deal ta­ble for gene ther­a­pies

Any­one look­ing for some in­sight in­to just how hot gene ther­a­pies have be­come should turn their at­ten­tion to­day to the be­hind-the-scenes ne­go­ti­a­tions that went in­to Bio­gen’s $800 mil­lion deal to buy Night­star Ther­a­peu­tics $NITE.

Over a pe­ri­od of 7 months, they held buy­out and part­ner­ing talks with 4 dif­fer­ent com­pa­nies be­fore Bio­gen $BI­IB emerged as the win­ner — or at least the last one at the ta­ble talk­ing M&A. Dur­ing that time, Night­star would paint a va­ri­ety of po­ten­tial fu­tures for it­self, topped by a bull ar­gu­ment that it could nail a $1.1 bil­lion prof­it on $1.2 bil­lion in sales come 2025.

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