Biogen Said to Weigh Takeover of $4 Billion Drugmaker Reata (1)

Biogen Inc. is exploring an acquisition of Reata Pharmaceuticals Inc., according to people familiar with the matter, in a move that would potentially expand the biotech company’s rare disease treatments.

Cambridge, Massachusetts-based Biogen has been speaking to advisers about a possible purchase of the company, the people said, asking not to be identified because the information is private. Reata, which is also speaking to advisers, may attract interest from other suitors, according to the people.

Shares of Reata have nearly tripled this year, giving the company a market value of about $4.1 billion at Thursday’s close. They jumped as ...