Biotech Values

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Regulus to be acquired by Novartis for $7.00 per share in cash

Novartis to acquire Regulus for $7.00 per share in cash, with potential to receive an additional $7.00 per share in cash through a contingent value right, for a total equity value of up to approximately $1.7 billion

Novartis has agreed to acquire Regulus Therapeutics in a deal worth up to $1.7 billion. The acquisition offers $7.00 per share in upfront cash, representing a 274% premium over Regulus' 60-day volume-weighted average stock price. Shareholders will receive an additional $7.00 per share through a contingent value right (CVR) if certain milestones for their lead product farabursen are met.

The deal focuses on advancing treatment for ADPKD (the most common genetic cause of renal failure worldwide) through farabursen, which could become a first-in-class medicine. The transaction, unanimously approved by both companies' boards, is expected to close in the second half of 2025.

The merger requires tender of at least a majority of Regulus' shares and regulatory clearance. Evercore serves as financial advisor, with Latham & Watkins as legal counsel to Regulus.

RGLS was $1.50 last month/