Astellas Pharma to acquire Iveric Bio
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Key takeaways:
- The deal is valued at approximately $5.9 billion.
- The acquisition includes avacincaptad pegol, which is under evaluation for the treatment of geographic atrophy.
Astellas Pharma has entered into a definitive agreement to acquire Iveric Bio for $40 per share in cash, for a total equity value of approximately $5.9 billion, Astellas announced in a press release.
Under the terms of the agreement, Iveric Bio will become an indirectly wholly owned subsidiary of Astellas.
Image: Adobe Stock
The acquisition will provide “a foundation of ophthalmology-focused capabilities, including a multifaceted commercial team, expansive network of experts in the ophthalmology field, established relationships with medical institutions, and the infrastructure and experience to drive our combined ophthalmology business going forward,” according to the release.
The acquisition includes avacincaptad pegol, which is under evaluation for the treatment of geographic atrophy secondary to age-related macular degeneration and has a prescription drug user fee act goal date of Aug. 19.
“The opportunity to create a world-class entity with the ophthalmology expertise and capabilities of Iveric Bio and the global reach and resources of Astellas is unique and has the potential to benefit patients worldwide suffering from blinding retinal diseases, including GA,” Pravin U. Dugel, MD, president of Iveric Bio, said in the release.
The transaction has been approved by the boards of directors of both companies. Closing is subject to approval by Iveric Bio’s stockholders and other customary closing conditions. The acquisition is expected to be completed in the third quarter of 2023.
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