Regulus Therapeutics Enters into Agreement to be Acquired by Novartis AG
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.
Novartis ha accettato di acquisire Regulus Therapeutics in un accordo del valore fino a 1,7 miliardi di dollari. L'acquisizione prevede un pagamento iniziale di 7,00 dollari per azione in contanti, pari a un premio del 274% rispetto al prezzo medio ponderato per il volume delle azioni di Regulus negli ultimi 60 giorni. Gli azionisti riceveranno ulteriori 7,00 dollari per azione tramite un diritto di valore contingente (CVR) se verranno raggiunti determinati obiettivi per il loro prodotto principale, farabursen.
L'accordo si concentra sull'avanzamento del trattamento per la ADPKD (la causa genetica più comune di insufficienza renale a livello mondiale) tramite farabursen, che potrebbe diventare un farmaco innovativo nella sua categoria. La transazione, approvata all'unanimità dai consigli di amministrazione di entrambe le società, è prevista per concludersi nella seconda metà del 2025.
La fusione richiede l'offerta di almeno la maggioranza delle azioni di Regulus e l'approvazione regolamentare. Evercore agisce come consulente finanziario, mentre Latham & Watkins è il consulente legale di Regulus.
Novartis ha acordado adquirir Regulus Therapeutics en un acuerdo valorado hasta en 1.700 millones de dólares. La adquisición ofrece 7,00 dólares por acción en efectivo inicial, lo que representa una prima del 274% sobre el precio promedio ponderado por volumen de las acciones de Regulus en los últimos 60 días. Los accionistas recibirán 7,00 dólares adicionales por acción a través de un derecho de valor contingente (CVR) si se cumplen ciertos hitos para su producto principal, farabursen.
El acuerdo se centra en avanzar en el tratamiento de la ADPKD (la causa genética más común de insuficiencia renal a nivel mundial) mediante farabursen, que podría convertirse en un medicamento pionero en su clase. La transacción, aprobada por unanimidad por las juntas directivas de ambas empresas, se espera que se cierre en la segunda mitad de 2025.
La fusión requiere la oferta de al menos la mayoría de las acciones de Regulus y la aprobación regulatoria. Evercore actúa como asesor financiero, mientras que Latham & Watkins es el asesor legal de Regulus.
노바티스는 최대 17억 달러 규모의 거래로 레귤러스 테라퓨틱스를 인수하기로 합의했습니다. 이번 인수는 주당 7.00달러의 현금 선지급을 제공하며, 이는 레귤러스의 최근 60일 거래량 가중 평균 주가 대비 274%의 프리미엄에 해당합니다. 주주들은 주요 제품인 파라버센의 특정 이정표 달성 시 조건부 가치 권리(CVR)를 통해 주당 추가 7.00달러를 받게 됩니다.
이번 거래는 전 세계에서 가장 흔한 유전성 신부전 원인인 ADPKD 치료를 파라버센을 통해 진전시키는 데 중점을 두고 있으며, 이 약은 최초의 혁신적 치료제가 될 가능성이 있습니다. 양사 이사회가 만장일치로 승인한 이 거래는 2025년 하반기에 완료될 예정입니다.
이번 합병은 레귤러스 주식의 과반수 이상 인수와 규제 당국의 승인 조건이 필요합니다. 에버코어가 재무 자문을, 래덤 & 왓킨스가 레귤러스의 법률 자문을 담당합니다.
Novartis a accepté d'acquérir Regulus Therapeutics dans le cadre d'un accord d'une valeur pouvant atteindre 1,7 milliard de dollars. L'acquisition offre 7,00 dollars par action en espèces immédiates, représentant une prime de 274 % par rapport au cours moyen pondéré par le volume des actions Regulus sur 60 jours. Les actionnaires recevront 7,00 dollars supplémentaires par action via un droit à valeur conditionnelle (CVR) si certains jalons pour leur produit principal, farabursen, sont atteints.
L'accord vise à faire progresser le traitement de la PKRAD (la cause génétique la plus courante d'insuffisance rénale dans le monde) grâce à farabursen, qui pourrait devenir un médicament de première classe. La transaction, approuvée à l'unanimité par les conseils d'administration des deux sociétés, devrait être finalisée dans la seconde moitié de 2025.
La fusion nécessite l'offre d'au moins la majorité des actions de Regulus et l'approbation réglementaire. Evercore agit en tant que conseiller financier, tandis que Latham & Watkins est le conseiller juridique de Regulus.
Novartis hat zugestimmt, Regulus Therapeutics in einem Geschäft im Wert von bis zu 1,7 Milliarden US-Dollar zu übernehmen. Die Übernahme bietet 7,00 US-Dollar pro Aktie in bar als Vorauszahlung, was einer Prämie von 274 % gegenüber dem volumengewichteten Durchschnittskurs der Regulus-Aktie der letzten 60 Tage entspricht. Aktionäre erhalten zusätzlich 7,00 US-Dollar pro Aktie über ein bedingtes Wertrecht (CVR), wenn bestimmte Meilensteine für ihr Hauptprodukt Farabursen erreicht werden.
Der Deal konzentriert sich darauf, die Behandlung von ADPKD (der weltweit häufigsten genetischen Ursache für Nierenversagen) durch Farabursen voranzutreiben, das ein erstklassiges Medikament werden könnte. Die Transaktion, die von den Vorständen beider Unternehmen einstimmig genehmigt wurde, soll in der zweiten Hälfte des Jahres 2025 abgeschlossen werden.
Die Fusion erfordert die Übernahme von mindestens der Mehrheit der Regulus-Aktien sowie die behördliche Genehmigung. Evercore fungiert als Finanzberater, Latham & Watkins als Rechtsberater von Regulus.
- Acquisition by Novartis at $7.00 per share represents 274% premium to 60-day VWAP
- Additional $7.00 per share potential through CVR, bringing total deal value to $1.7B
- Unanimous board approval from both companies
- Access to Novartis' global development and commercial capabilities
- Lead product candidate farabursen could be first-in-class medicine for ADPKD
- Deal completion subject to regulatory approval and majority shareholder tender
- CVR payment contingent on uncertain regulatory approval milestone
- Transaction won't close until second half of 2025
Insights
Novartis' acquisition of Regulus brings potential first-in-class ADPKD therapy with significant premium and milestone-based payment structure.
Novartis is acquiring Regulus Therapeutics with a two-tiered payment structure -
Farabursen is described as a potential first-in-class medicine targeting microRNAs for ADPKD, which the article identifies as "the most common genetic cause of renal failure worldwide." The structured deal highlights both Novartis' interest in expanding its renal disease portfolio and its approach to balancing acquisition value with regulatory risk.
Novartis specifically noted that farabursen's profile "may provide enhanced efficacy, tolerability and safety versus standard of care" for ADPKD patients who currently have limited treatment options. This acquisition would leverage Novartis' established global development and commercial capabilities to potentially accelerate farabursen's path to patients if approved.
Regulus shareholders gain immediate 108% premium with potential double value through regulatory milestone-based CVR structure.
The
The deal employs a contingent value right (CVR) structure where shareholders receive
The transaction is expected to close in the second half of 2025, subject to customary conditions including the tender of shares representing at least a majority of Regulus' outstanding shares and regulatory clearance. This acquisition offers Regulus shareholders immediate value while preserving upside potential through the CVR, though the additional payment remains contingent on future regulatory success.
Novartis to acquire Regulus for
Transaction is expected to be completed in the second half of 2025, subject to customary closing conditions
"We are excited to combine with Novartis to potentially bring farabursen to patients living with ADPKD, who currently have limited treatment options. Novartis' established global development and commercial capabilities will enable this important new medicine to reach patients if approved," said Jay Hagan, CEO of Regulus Therapeutics. "I am proud of the work that our team at Regulus has achieved in advancing this important new therapy and would like to thank all of the patients, investigators, and the ADPKD community in moving our program forward to this important milestone."
"With limited treatment options currently available for patients suffering from ADPKD, farabursen represents a potential first-in-class medicine with a profile that may provide enhanced efficacy, tolerability and safety versus standard of care," said Shreeram Aradhye, President, Development and Chief Medical Officer, Novartis. "ADPKD is the most common genetic cause of renal failure worldwide. The team at Regulus has done meaningful foundational work with farabursen, and we look forward to investigating its potential further as we aim to bring a better treatment option to patients in need."
Completion of the transaction is expected in the second half of 2025, subject to the satisfaction or waiver of customary closing conditions, including the tender of shares representing at least a majority of the total number of Regulus' outstanding shares, and other customary closing conditions and regulatory clearance. Until that time, Regulus will continue to operate as a separate and independent company.
Evercore is serving as exclusive financial advisor, and Latham & Watkins LLP is serving as legal counsel to Regulus.
Transaction Details
Under the terms of the merger agreement, Novartis, through a subsidiary, will initiate a tender offer to acquire all of Regulus' outstanding shares for a price of
About Regulus
Regulus Therapeutics Inc. (Nasdaq: RGLS) is a biopharmaceutical company focused on the discovery and development of innovative medicines targeting microRNAs. Regulus has leveraged its oligonucleotide drug discovery and development expertise to develop a pipeline complemented by a rich intellectual property estate in the microRNA field. Regulus maintains its corporate headquarters in
Important Information About the Tender Offer
The tender offer in connection with the transaction described above has not yet commenced. This communication is not an offer to buy nor a solicitation of an offer to sell any securities of the Company. The solicitation and the offer to buy shares of the Company common stock will only be made pursuant to a tender offer statement on Schedule TO, including an offer to purchase, a letter of transmittal and other related materials that Novartis and Redwood Merger Sub Inc. ("Merger Sub") intend to file with the Securities and Exchange Commission ("SEC"). In addition, the Company will file with the SEC a Solicitation/Recommendation Statement on Schedule 14D-9 with respect to the tender offer. Once filed, investors will be able to obtain a free copy of these materials and other documents filed by Novartis, Merger Sub and the Company with the SEC at the website maintained by the SEC at www.sec.gov. Investors may also obtain, at no charge, any such documents filed with or furnished to the SEC by the Company under the "investors" section of the Company's website at https://ir.regulusrx.com/. Further risks and uncertainties that could cause actual results to differ materially from the results anticipated by the forward-looking statements are detailed from time to time in the Company's periodic reports filed with the SEC, including the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. These filings, when available, are available on the investor relations section of the Company's website mentioned above or on the SEC's website at https://www.sec.gov.
INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THESE DOCUMENTS WHEN THEY BECOME AVAILABLE, INCLUDING THE SOLICITATION/RECOMMENDATION STATEMENT ON SCHEDULE 14D-9 OF THE COMPANY AND ANY AMENDMENTS THERETO, AS WELL AS ANY OTHER DOCUMENTS RELATING TO THE TENDER OFFER AND THE MERGER THAT ARE FILED WITH THE SEC, CAREFULLY AND IN THEIR ENTIRETY PRIOR TO MAKING ANY DECISIONS WITH RESPECT TO WHETHER TO TENDER THEIR SHARES INTO THE TENDER OFFER BECAUSE THEY CONTAIN IMPORTANT INFORMATION, INCLUDING THE TERMS AND CONDITIONS OF THE TENDER OFFER.
Forward-Looking Statements
The statements included above that are not a description of historical facts are forward-looking statements. Words or phrases such as "believe," "may," "could," "will," "estimate," "continue," "anticipate," "intend," "seek," "plan," "expect," "should," "would" or similar expressions are intended to identify forward-looking statements. The forward-looking statements are based on the Company's current beliefs and expectations and include, but are not limited to: statements regarding beliefs about the potential benefits of the transaction; the planned completion and timing of the transactions contemplated by the Agreement and Plan of Merger, dated as of April 29, 2025 (the "Merger Agreement"), by and among the Company, Novartis and Merger Sub. Risks and uncertainties that could cause results to differ from expectations include: uncertainties as to the timing and completion of the tender offer and the merger; uncertainties as to the percentage of the Company's stockholders tendering their shares in the tender offer; the possibility that competing offers will be made; the possibility that various closing conditions for the tender offer or the merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); risks that the milestones related to the contingent value rights are not achieved; the effects of disruption caused by the transaction making it more difficult to maintain relationships with employees, collaborators, vendors and other business partners; risks related to diverting management's attention from the Company's ongoing business operations; the risk that stockholder litigation in connection with the transactions contemplated by the Merger Agreement may result in significant costs of defense, indemnification and liability; and risks and uncertainties pertaining to the Company's business, including the risks and uncertainties detailed in the Company's public periodic filings with the SEC, as well as the tender offer materials to be filed by Novartis and Merger Sub and the Solicitation/Recommendation Statement to be filed by the Company in connection with the tender offer.
You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement and the Company undertakes no obligation to revise or update these statements to reflect events or circumstances after the date hereof, except as required by law.
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SOURCE Regulus Therapeutics Inc.
FAQ
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