Viela Bio soars 24% on being acquired by Horizon Therapeutics

  • Horizon Therapeutics (NASDAQ:HZNP) and Viela Bio (NASDAQ:VIE), up 24% premarket ink agreement under which Horizon will acquire all of the issued and outstanding shares of Viela Bio common stock for $53.00/share in cash, representing a fully diluted equity value of ~$3.05B.
  • The transaction is expected to close by the end of Q1.
  • The acquisition is structured as a two-step cash tender offer. Horizon will acquire all remaining shares not tendered in the offer through a second step merger at the same price as in the tender offer.
  • Horizon intends to finance the transaction through $1.3B of external debt along with cash on hand.
  • Also, last week, Horizon submitted a prior approval supplement to the FDA to support increased scale production of Tepezza for the treatment of Thyroid Eye Disease.
  • HZNP will host a webcast at 8 a.m. EST to review this acquisition.
  • Seeking Alpha contributor Alexander J. Poulos writes that Horizon is poised for another breakout.

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