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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Reata Pharmaceuticals, Inc.    RETA

REATA PHARMACEUTICALS, INC.

(RETA)
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Reata Pharmaceuticals : Reacquires Rights to Bardoxolne

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10/10/2019 | 07:35am EDT

By Chris Wack

Reata Pharmaceuticals, said Thursday it reacquired development, manufacturing and commercialization rights concerning its proprietary Nrf2 activator product platform originally licensed to AbbVie for territories outside of the U.S. with respect to bardoxolone methyl and worldwide with respect to omaveloxolone and other next-generation Nrf2 activators.

The Texas-based biopharmaceutical company said it now possesses exclusive, worldwide rights to develop, manufacture and commercialize bardoxolone methyl, omaveloxolone, and all other next-generation Nrf2 activators, excluding certain Asian markets for bardoxolone, which are licensed to Kyowa Kirin Co. Ltd.

Reata said AbbVie will receive $330 million in cash, primarily for rights to bardoxolone. Reata will make an upfront payment of $75 million in 2019, with the remainder payable in installments in the second quarter of 2020 and in the fourth quarter of 2021. In addition, AbbVie will receive low single-digit, tiered royalties from worldwide sales of omaveloxolone and certain next-generation Nrf2 activators, and no royalties on bardoxolone.

Reata also said it has entered into an amendment to its loan and security agreement with Oxford Finance LLC and Silicon Valley Bank. The amended agreement makes $75 million available to Reata upon positive, topline, registrational data from either the Cardinal study of bardoxolone methyl in patients with Alport syndrome or the MOXIe study of omaveloxolone in patients with Friedreich's ataxia. The term loan facility increased by $30 million to $155 million.

Write to Chris Wack at chris.wack@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
ABBVIE 1.76% 76.46 Delayed Quote.-18.49%
REATA PHARMACEUTICALS, INC. 6.77% 184.91 Delayed Quote.208.72%
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Financials (USD)
Sales 2019 29,6 M
EBIT 2019 -140 M
Net income 2019 -159 M
Finance 2019 231 M
Yield 2019 -
P/E ratio 2019 -38,5x
P/E ratio 2020 -28,3x
EV / Sales2019 168x
EV / Sales2020 122x
Capitalization 5 214 M
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Mean consensus BUY
Number of Analysts 8
Average target price 210,75  $
Last Close Price 184,91  $
Spread / Highest target 37,4%
Spread / Average Target 14,0%
Spread / Lowest Target -12,4%
EPS Revisions
Managers
NameTitle
J. Warren Huff Chairman, President & Chief Executive Officer
Jason D. Wilson Executive Vice President-Operations
Manmeet Singh Soni Chief Financial Officer & Executive Vice President
Colin J. Meyer Chief Medical Officer & VP-Product Development
Richard Kent McGaughy Independent Director
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