Could This $6.5 Billion Acquisition Help Turn Biogen's Business Around?
(NASDAQ: BIIB) is an intriguing stock right now. Its business has struggled to generate growth in recent years, but some recent catalysts could turn things around. For starters, the company's Alzheimer's treatment, Leqembi, obtained approval from the Food and Drug Administration (FDA) earlier this year. Plus, it announced a significant $6.5 billion acquisition last month that could bolster its portfolio of drugs.
An acquisition can quickly impact a company's financials. Below, I'll look at what this deal means for Biogen's business, and whether it makes the stock a better buy moving forward.
On July 28, Biogen announced that it would be acquiring Reata Pharmaceuticals for approximately $6.5 billion ($7.3 billion when including debt). Biogen expects the deal to close before the end of the year.
Source Fool.com
Biogen Inc. Stock
The stock is one of the favorites of our community with 50 Buy predictions and 1 Sell predictions.
With a target price of 293 € there is a positive potential of 40.66% for Biogen Inc. compared to the current price of 208.3 €.
