Reata Pharmaceuticals, Inc. Closes $350 Million Strategic Investment From Blackstone Life Sciences
25 June 2020 - 12:10AM
Reata Pharmaceuticals, Inc. (Nasdaq: RETA) (“Reata” or the
“Company”), a clinical-stage biopharmaceutical company, today
announced the receipt of $350 million related to the closing of its
previously announced strategic investment from funds managed by
Blackstone Life Sciences. This financing includes $300
million in return for single-digit royalty payments on worldwide
net sales of bardoxolone methyl (“bardoxolone”) by Reata and its
licensees, other than Kyowa Kirin Co., Ltd., and a $50 million
investment in 340,793 shares of Reata’s Class A common stock at
$146.72 per share.
About Reata Pharmaceuticals,
Inc.
Reata is a clinical-stage biopharmaceutical
company that develops novel therapeutics for patients with serious
or life-threatening diseases by targeting molecular pathways
involved in the regulation of cellular metabolism and inflammation.
Reata’s two most advanced clinical candidates, bardoxolone
and omaveloxolone, target the important transcription factor Nrf2
that promotes restoration of mitochondrial function, reduction of
oxidative stress, and inhibition of pro-inflammatory signaling.
Bardoxolone and omaveloxolone are investigational
drugs, and their safety and efficacy have not been established by
any agency.
Forward-Looking Statements
This press release includes certain disclosures
that contain “forward-looking statements,” including, without
limitation, statements regarding the success, cost and timing of
our product development activities and clinical trials, our plans
to research, develop and commercialize our product candidates, our
plans to submit regulatory filings, and our ability to obtain and
retain regulatory approval of our product candidates. You can
identify forward-looking statements because they contain words such
as “believes,” “will,” “may,” “aims,” “plans,” “model,” and
“expects.” Forward-looking statements are based on Reata’s
current expectations and assumptions. Because forward-looking
statements relate to the future, they are subject to inherent
uncertainties, risks, and changes in circumstances that may differ
materially from those contemplated by the forward-looking
statements, which are neither statements of historical fact nor
guarantees or assurances of future performance. Important
factors that could cause actual results to differ materially from
those in the forward-looking statements include, but are not
limited to, (i) the timing, costs, conduct, and outcome of our
clinical trials and future preclinical studies and clinical trials,
including the timing of the initiation and availability of data
from such trials; (ii) the timing and likelihood of regulatory
filings and approvals for our product candidates; (iii) whether
regulatory authorities determine that additional trials or data are
necessary in order to obtain approval; (iv) the potential market
size and the size of the patient populations for our product
candidates, if approved for commercial use, and the market
opportunities for our product candidates; and (v) other factors set
forth in Reata’s filings with the U.S. Securities and Exchange
Commission, including its Annual Report on Form 10-K, under the
caption “Risk Factors.” The forward-looking statements speak
only as of the date made and, other than as required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events, or otherwise.
CONTACTS
Reata Pharmaceuticals, Inc.
Vinny Jindal(469)
374-8721Vinny.Jindal@reatapharma.com
Jami Taylor(469)
262-6451Jami.Taylor@reatapharma.com
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