Biogen’s $7.3 Billion Acquisition of Reata Pharmaceuticals

On July 28, 2023, Biogen Inc. (“Biogen”) and Reata Pharmaceuticals, Inc. (“Reata”) announced that they have entered into a definitive agreement under which Biogen has agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3 billion. Cravath is representing Biogen in connection with the transaction.

The Cravath team is led by partners Faiza J. Saeed, Mark I. Greene, Aaron M. Gruber and Bethany A. Pfalzgraf, associates Marc Bode, Joseph A. Marshall and Samantha Greenky, and foreign associate attorney Phoebe R. McGibbon on M&A matters; partner Margaret T. Segall and associate Lavinia M. Borzi on regulatory matters; partner Jonathan J. Katz and practice area attorney David Crampton on executive compensation and benefits matters; partner Matthew Morreale, senior attorney Annmarie M. Terraciano and associate Star S. Gulant on environmental matters; partner David J. Kappos and associate Joanne Dynak on intellectual property matters; partner Lauren Angelilli and associate Kyle R. Jorstad on tax matters; partner George E. Zobitz, associate Sophia Premji and foreign associate attorney Ryan Law on financing matters; and senior attorney Joyce Law and practice area attorney Lauren Piechocki on real estate matters. Summer associates Michael Turner and Jerry Zhu worked on M&A matters, summer associate Jamye Selby worked on regulatory matters, and summer associate Frederick Schemel worked on tax matters.