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Reata Pharmaceuticals Inc. netted $492mm through a public offering of 2.76mm Class A common shares (including the overallotment) at $183. Proceeds will support continued development and future commercialization of lead candidates bardoxolone (Phase III for chronic kidney disease caused by Alport syndrome) and omaveloxolone (Phase II for Friedreich's ataxia). Money will also be used to make payments due to AbbVie following Reata's reacquisition of all rights to bardoxolone and omaveloxolone earlier this year. (AbbVie had global rights (excluding US and Asia) to the candidate under a 2010 deal, which Reata terminated in October. It now owes AbbVie $330mm, primarily for the rights to bardoxolone.)
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