Biogen Inc. (NasdaqGS:BIIB) agreed to acquire Human Immunology Biosciences, Inc. for approximately $1.8 billion on May 22, 2024. Under the terms of the agreement, Biogen will make an upfront payment to HI-Bio of approximately $1.15 billion. HI-Bio?s stockholders would also be eligible for payments of up to an additional approximately $650 million, for a total potential deal value of up to approximately $1.8 billion, should the felzartamab programs achieve certain development milestones.

Biogen expects to finance the acquisition with cash and may also draw on its revolving credit agreement. The transaction is subject to customary closing conditions, including receipt of necessary regulatory approvals and is currently anticipated to close in the third quarter of 2024. Covington & Burling LLP acted as legal advisor to Biogen.

Goldman Sachs & Co. LLC and BofA Securities, Inc. acted as financial advisors to HI-Bio and Goodwin Procter LLP acted as its legal advisor.