Reata Pharmaceuticals Inc. on Thursday said it will receive $350
million under a royalty and equity investment deal with private-equity
firm Blackstone Group Inc.
The Plano, Texas, clinical-stage biopharmaceutical company said funds
managed by Blackstone Life Sciences will lead the investment to fund
the development and potential commercialization of bardoxolone, which
the company is studying in rare and serious forms of chronic kidney
disease.
Reata said the investment, which extends its cash runway through the
end of 2023, includes $300 million in return for royalty payments on
sales of bardoxolone.
Blackstone also will invest $50 million to buy 340,793 Reata shares
at $146.72 apiece, a 12% premium to Wednesday’s closing price of
$130.92.
Reata said it will receive the $350 million investment at closing, which is expected to occur by June 24.
https://www.marketscreener.com/REATA-PHARMACEUTICALS-IN-28377265/news/Reata-Pharmaceuticals-to-Get-350-Million-Investment-From-Blackstone-Life-Sciences-30756706/
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