4 big deal reports: Biogen shells out $7.3B for Reata Pharma
Investing.com — Here is your Pro Recap of 4 head-turning deal dispatches you may have missed last week: merger deals at Biogen/Reata Pharmaceuticals, Banc of California/PacWest, Maxlinear terminates merger with Silicon Motion, and Volkswagen acquires minority stake in XPeng.
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Biogen (NASDAQ:BIIB) reached an agreement to acquire Reata Pharmaceuticals (NASDAQ:RETA) for $172.50 per share, or $7.3 billion, as reported in real time on InvestingPro.
Reata Pharmaceuticals recently obtained FDA approval for SKYCLARYS, the sole treatment available for patients with Friedreich's ataxia. Moreover, the company is actively developing a portfolio of innovative products designed to address various neurological conditions.
The deal should close in the fourth quarter of this year.
Reata Pharmaceuticals shares surged more than 54% on Friday on the announcement.
MaxLinear (NASDAQ:MXL) announced that it will terminate its plan to acquire Taiwan-based memory controller-maker Silicon Motion (NASDAQ:SIMO). The deal, valued at nearly $4B, was agreed upon in May of last year, and would have created one of the largest fabless semiconductor suppliers in the world, as noted by Reuters.
Following news of the deal's cancellation Wednesday, MaxLinear's shares dropped nearly 13%. Conversely, Silicon Motion shares saw a leap of around 25%.
MaxLinear filed a Form 8-K citing various reasons for the termination, including unsatisfied conditions set forth in the agreement, continuing material adverse effects on Silicon Motion, and material breaches of the merger agreement by Silicon Motion.
Banc of California (NYSE:BANC) and PacWest Bancorp (NASDAQ:PACW) announced an
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