HZNP - Viela Bio soars 24% on being acquired by Horizon Therapeutics

Horizon Therapeutics (HZNP) and Viela Bio (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.

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Viela Bio soars 24% on being acquired by Horizon Therapeutics