Reata shareholders clear buyout deal with Biogen
designer491

Reata Pharmaceuticals (NASDAQ:RETA) announced that its shareholders approved its previously disclosed acquisition by Biogen (NASDAQ:BIIB) at a special meeting of investors on Thursday.
Almost all of the votes cast by Class A and Class B common stockholders of Reata (RETA) were supportive of the deal.

"This marks a significant milestone in Reata's journey, and I thank our stockholders for their strong support," CEO Warren Huff remarked.
In July, Biogen (BIIB) agreed to offer $172.50 per share in cash for the rare disease drug maker in a deal valued at more than $7B including debt.
According to early results, nearly 100% of the votes cast at the meeting approved the transaction. That indicates ~88% of the total voting power of Class A and Class B common stock, entitled to vote at the special meeting. The transaction is expected to close on September 26.
Just last week, Reata (RETA) cleared a major regulatory hurdle to complete the transaction when the applicable waiting period under the Hart-Scott-Rodino ((HSR)) legislation expired.



More on Biogen, Reata, etc.

Biogen: Leqembi Could Boost Prospects Until Acquisition Comes Into Play
Biogen Q2 2023 Analysis: Reata Acquisition, Financials, And Alzheimer's Prospects
Biogen's Bold $7.3B Acquisition Of Reata: Analyzing The Impact On Investors
RBC Capital sees Biogen stock undervaluing Leqembi prospects
FDA approves Sandoz's biosimilar of Biogen's blockbuster MS drug Tysabri