Biogen is buying Reata Pharmaceuticals for $7.3 billion, or $172.5 per share. Closing of the transaction is expected to take place in Q4 2023.

Reata Pharmaceuticals' GAAP loss for 3 months of 2022 was $73.842 million, up 9.5% from $67.455 million in the previous year. Revenue decreased 3.2% to $914,000 from $944,000 a year earlier.

Reata Pharmaceuticals' GAAP loss for 2021 was $297.386 million, up 20% from $247.752 million in the previous year. Revenue increased 27.4% to $11.49 million from $9.019 million a year earlier.

An FDA advisory committee has recommended against approval of Reata Pharmaceuticals' bardoxolone. The drug is being developed to treat patients with chronic kidney disease caused by Alport syndrome. The committee felt that the evidence presented did not show a slowing of progression of CKD in patients with Alport syndrome. The final decision rests with the F...