Biogen announces $877mn acquisition of Nightstar Therapeutics
Massachusetts-based multinational biotechnology company Biogen announced today that it has entered into an agreement with Nightstar Therapeutics, a clinical-stage gene therapy company based in London. The deal will see Biogen pay US$25 for each share of Nightstar, for a total transaction value of approximately $877mn.
Nightstar specializes in the design, testing and manufacture of gene therapies, which use artificially manipulated viruses in order to deliver genetic material into patients’ tissue, potentially treating or curing hereditary conditions. Nightstar’s research is focused on treatments in the field of Ophthalmology.
“Ophthalmology is an emerging growth area for Biogen,” said Michel Vounatsos, Biogen’s chief executive officer. “Nightstar would accelerate our entry into ophthalmology by contributing two mid- to late-stage gene therapy assets.”
David Fellows, Chief Executive Officer of Nightstar, said: “Our agreement with Biogen will give us the platform and resources to expand our mission to maintain and restore sight in patients with inherited retinal diseases. This transaction accelerates treatment to patients through Nightstar’s key retinal gene therapy programs that modify or halt progression of blindness. Together, with Biogen’s expertise in rare diseases, worldwide reach and extensive resources, we will dramatically improve the lives of patients around the world who currently have no treatment options. We are proud of what Nightstar has accomplished, and we thank our team for their tireless work to improve the lives of our patients and their families.”
The deal is expected to close in the second half of 2019.
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