Swiss drugmaker Novartis AG (NVS) entered a merger agreement on April 30, 2025, to acquire Regulus Therapeutics Inc. (RGLS) in a deal valued at $800 million.
Under the terms of the agreement, Novartis, through a subsidiary, will initiate a tender offer to acquire all of Regulus’ outstanding shares for a price of $7 per share in cash at closing, plus a non-tradeable CVR for an additional $7 per share in cash, payable upon the achievement of a specified milestone with respect to regulatory approval of farabursen. Total consideration, including the CVR, if the milestone is achieved, would be about $1.7 billion.