Biotech giant (NASDAQ: BIIB) can't seem to keep its name out of the news. After a recent major approval for its Alzheimer's disease (AD) medicine Leqembi, the company just announced that it would acquire Reata Pharmaceuticals, a company that focuses on developing treatments for serious and life-threatening diseases. 

Biogen has been a relatively volatile stock to own over the past few years, but could this new acquisition move help the company turn things around?

The acquisition of Reata Pharmaceuticals will cost Biogen $7.3 billion in cash. It certainly isn't the largest acquisition we have ever seen in the biotech industry, but it isn't insignificant, either. Why did the company decide to make this move? The key asset in the transaction is Reata's Skyclarys, a treatment for Friedreich's ataxia (FA) that earned approval from the U.S. Food and Drug Administration (FDA) in February.

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Source Fool.com