Astellas Pharma has agreed to acquire Ganymed Pharmaceuticals, a biopharmaceutical company based in Mainz, Germany focused on antibody therapeutics for cancer, for EUR 422 million ($462 million). The transaction would enable Astellas to continue to build upon its oncology franchise. Upon completion of the transaction, Ganymed would become a wholly owned subsidiary of Astellas. The closing of the transaction is subject to customary regulatory approvals and is expected to be finalized in the next several weeks.

Under the agreement, Astellas will pay EUR 422 million ($462 million) to acquire 100% of the equity in Ganymed. In addition, Ganymed’s shareholders will become eligible to receive up to EUR 860 million ($945 million) in further contingent payments based on progress in the development of Ganymed’s most advanced clinical program for the drug candidate, IMAB362, which recently completed a Phase IIb for gastroesophageal cancer.

Source: Astellas Pharma