RTTNews | Feb 1, 2021 07:17AM EST

07:17 Monday, February 1, 2021 (RTTNews.com) - Horizon Therapeutics plc (HZNP) and Viela Bio, Inc. (VIE) announced Monday that they have entered into a definitive agreement under which Horizon will acquire all of the issued and outstanding shares of Viela Bio, Inc. common stock for $53.00 per share in cash, which represents a fully diluted equity value of approximately $3.05 billion, or approximately $2.67 billion net of Viela's cash and cash equivalents.

The transaction, which is expected to close by the end of the first quarter of 2021, will significantly expand the development pipeline and grow rare disease medicine portfolio of Horizon. The transaction also advances Horizon's transformation to an innovation-driven biotech company.

Horizon anticipates the transaction will reduce its adjusted EBITDA by approximately $140 million in 2021, nearly all of which is attributable to increased R&D investment.

The transaction has been unanimously approved by Horizon's and Viela's boards of directors and is subject to the satisfaction of customary closing conditions

Horizon intends to finance the transaction through $1.3 billion of external debt along with cash on hand. Horizon has put in place fully committed financing with Citigroup Global Markets Inc. and Morgan Stanley Senior Funding, Inc.

Read the original article on RTTNews ( https://www.rttnews.com/3165409/horizon-therapeutics-to-buy-viela-bio-for-53-shr-cash-quick-facts.aspx)

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com All Rights Reserved