Japan's Astellas To Buy U.S. Drugmaker Iveric Bio For $5.9-B

Astellas Pharma Inc. said recently that it will buy US pharmaceutical company Iveric Bio Inc. for about $5.9 billion in its largest takeover as the Japanese drugmaker pushes ahead with its acquisition spree, Kyodo News reported.

Photo Insert: Astellas will acquire all outstanding shares of Iveric Bio, which focuses on ophthalmology treatments, for $40 per share.

Astellas will acquire all outstanding shares of Iveric Bio, which focuses on ophthalmology treatments, for $40 per share through its US unit, Astellas US Holdings Inc., with the transaction expected to be completed by the end of September.

Iveric Bio, which is listed on the Nasdaq market, is currently seeking US approval for a drug for age-related macular degeneration, an eye disorder that can cause blurred vision, Astellas said.

The buyout is the company's latest effort to strengthen its drug development capabilities through mergers and acquisitions, following its recent purchases of US biotech companies Audentes Therapeutics Inc. in 2020 and Xyphos Biosciences in 2019, among others.

The drug awaiting approval will be "the third pillar" of the Japanese company's product portfolio to drive growth, along with cancer drug Padcev and fezolinetant, a treatment under development for vasomotor symptoms associated with menopause, Astellas President Naoki Okamura said in an online press conference.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic