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RGNX

Regenxbio

$32.95

0.85 (2.65%)

, DMTX

Acquired by RARE

$6.00

(0.00%)

08:38
10/02/17
10/02
08:38
10/02/17
08:38

Regenxbio responds to notification of 'superior proposal' from Dimension

Regenxbio (RGNX) announced that Dimension Therapeutics (DMTX) notified Regenxbio that it has determined that it has received a "superior proposal" as defined in the merger agreement under which Regenxbio would have acquired Dimension in an all-stock transaction for an implied value of approximately $3.41 per share based on the closing stock price of Regenxbio stock on August 24. Late yesterday, Dimension notified Regenxbio that its board determined that the recently amended proposal from Ultragenyx Pharmaceutical (RARE) to acquire Dimension for $6.00 per share in cash constituted a "superior proposal" and that Dimension's board intends to change its prior recommendation to Dimension's stockholders to vote in favor of the proposed merger between Regenxbio and Dimension. This notice invoked Regenxbio's matching right under the merger agreement. In response, Regenxbio notified Dimension that it will not increase the consideration payable to Dimension stockholders under the merger agreement and that Regenxbio has waived its matching rights. As a result of Regenxbio's response, Dimension has indicated it will terminate the merger agreement and pay Regenxbio the $2.85M termination fee concurrently with the termination. "While the strategic rationale for a combination with Dimension is compelling, we believe our offer represented fair value and prudently enabled both companies' shareholders to participate in the upside of the combined company," said Kenneth Mills, president and CEO of Regenxbio. "We take a disciplined approach to business development and will continue prioritizing the advancement of our proprietary NAV Technology Platform and our exciting, potentially life-changing gene therapy lead product candidates for retinal, metabolic and neurodegenerative diseases." Mills continued, "At Regenxbio, our strategy has always been to accelerate the development of a broad and robust pipeline of NAV-based gene therapies in an effort to most rapidly meet the needs of patients suffering from a wide range of rare genetic diseases. We have done so through our internal lead product candidates and through partnerships with our many NAV Technology licensees, including Dimension." Upon the completion of Ultragenyx's acquisition of Dimension, Ultragenyx is expected to become a NAV Technology Licensee in the seven inherited metabolic disease fields, including OTC deficiency, GSDa1a and hemophilia A, currently licensed to Dimension by Regenxbio. Dimension has one remaining limited option to an exclusive commercial license for a disease indication that is available for licensing, which would exclude, among other things, products under development by Regenxbio or its NAV Technology Licensees. Mills added, "We wish Ultragenyx and Dimension well, and we hope that Ultragenyx will use its considerable experience and resources to advance all of the programs licensed from Regenxbio for the benefit of patients in need. We look forward to working with Ultragenyx to rapidly progress all of Dimension's programs as provided for under the terms of our license agreements."

RGNX

Regenxbio

$32.95

0.85 (2.65%)

DMTX

Acquired by RARE

$6.00

(0.00%)

RARE

Ultragenyx

$53.26

-0.72 (-1.33%)

  • 04

    Oct

  • 16

    Nov

RGNX Regenxbio
$32.95

0.85 (2.65%)

08/16/17
EVER
08/16/17
INITIATION
Target $25
EVER
Outperform
Regenxbio initiated with an Outperform at Evercore ISI
Evercore ISI analyst Josh Schimmer initiated Regenxbio with an Outperform and a $25 price target.
09/05/17
CHDN
09/05/17
NO CHANGE
Target $75
CHDN
Buy
Regenxbio price target raised to $75 from $55 at Chardan
09/19/17
SBSH
09/19/17
DOWNGRADE
Target $5.5
SBSH
Sell
Dimension Therapeutics downgraded to Sell from Neutral at Citi
Citi analyst Joel Beatty downgraded Dimension Therapeutics (DMTX) to Sell saying his base case is now the takeover proposed by Ultragenyx (RARE) will go ahead. Since Dimension s currently trading at a small premium to the $5.50 per share proposal, the analyst downgraded the stock to Sell. Beatty sees a "small but real potential" for a higher bid to come in. He believes, however, that a successful bid from Regenxbio (RGNX) would likely need to be double its original offer. The analyst raised his price target for Dimension shares to $5.50 from $3.41.
09/19/17
BARD
09/19/17
NO CHANGE
BARD
Outperform
Ultragenyx deal for Dimension would be good strategic fit, says Baird
Baird analyst Michael Ulz noted Ultragenyx (RARE) topped Regenxbio's (RGNX) bid for Dimension Therapeutics (DMTX) with a $5.50 per share offer of its own. He views the proposed acquisition of Dimension as a good strategic fit that would add a gene therapy platform and expand the early-stage pipeline. Ulz keeps an Outperform rating on Ultragenyx shares.
DMTX Acquired by RARE
$6.00

(0.00%)

08/30/17
ADAM
08/30/17
DOWNGRADE
ADAM
Hold
Dimension Therapeutics downgraded to Hold from Buy at Canaccord
Dimension Therapeutics (DMTX) is being acquired by Regenxbio (RGNX) for $3.41 per share.
09/19/17
WEDB
09/19/17
NO CHANGE
Target $62
WEDB
Outperform
Ultragenyx bid for Dimension adds promising gene therapy pipeline, says Wedbush
Wedbush analyst David Nierengarten says that a successful acquisition of Dimension Therapeutics (DMTX) would mark Ultragenyx's (RARE) entry into the gene therapy space, and would be a natural extension of the latter's rare disease focus. The analyst expects the bid to go through. Nierengarten reiterates an Outperform rating and $62 price target on Ultragenyx shares.
RARE Ultragenyx
$53.26

-0.72 (-1.33%)

09/14/17
WEDB
09/14/17
UPGRADE
Target $62
WEDB
Outperform
Ultragenyx upgraded to Outperform from Neutral at Wedbush
Wedbush analyst David Nierengarten upgraded Ultragenyx to Outperform from Neutral, stating that the favorable reception to the company's presentations and the feedback he received from discussions at the ASBMR conference leave him more positive on the uptake of burosumab. The analyst, who thinks negative sentiment on Ultragenyx shares has probably peaked following the recent Phase 3 failure of its Ace-ER program, has a $62 price target on the shares.

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