Biogen is spending more than
The Alzheimer’s treatment developer said Friday it will pay
Biogen puts an enterprise value of
Regulators and Reata shareholders still need to approve the deal.
Biogen makes the multiple sclerosis treatments Techfidera and Tysabri as well as the spinal muscular atrophy treatment Spinraza. It also is partnering with Japanese drugmaker
CEO
Friedreich’s ataxia is caused by a gene defect inherited from both parents, according to
Viehbacher has been focused on cutting costs at Biogen and developing the company’s pipeline of potential drugs since he became CEO last November. Biogen has been dealing with sliding sales for its multiple sclerosis treatments and the failed launch of its Alzheimer’s treatment Aduhelm.
Viehbacher said on Tuesday, after the company reported better-than-expected second quarter results, that Biogen is “laser focused” on changing the company’s share price trajectory.
“As I’ve heard from so many investors, our share price hasn’t really moved in 10 years, so that’s where we are focused on really driving … shareholder value,” he said. “And that means allocating capital in a way that’s commensurate with that.”
Shares of
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