By Dean Seal
Shares of Regulus Therapeutics more than doubled after the company agreed to be acquired by Novartis in a deal with an equity value of up to $1.7 billion.
The stock was changing hands at $7.78 in midday trading after closing at $3.37 Tuesday. Shares have risen nearly fivefold since 2025 started and haven't traded this high in more than three years.
The biopharmaceutical company, which specializes in medicines targeting microRNAs, said Wednesday that Novartis would initiate a tender offer to buy outstanding shares for $7 apiece, plus a non-tradeable contingent value right for another $7 a share once Regulus meets a certain regulatory milestone related to its farabursen treatment.
Once the tender offer is complete, Regulus will merge with a subsidiary of Novartis and any remaining Regulus shares will be canceled and converted into the right to receive merger consideration.
The deal is set to close in the second half of the year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
April 30, 2025 12:20 ET (16:20 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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