Biogen to Purchase Biotech Firm Reata for Nearly $6.5 Billion

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.

Through the deal, Biogen said it will gain Plano, Texas-based Reata’s recently approved drug Skyclarys to treat a rare genetic disorder that causes progressive damage to the nervous system.

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.

Read the source article at Reuters