Astellas Pharma has completed the acquisition of Ganymed Pharmaceuticals, a biopharmaceutical company located in Mainz, Germany. Ganymed has become a wholly owned subsidiary of Astellas as of December 20, 2016. The acquisition expands Astellas’ oncology pipeline with a late-stage antibody program.

Under the agreement executed between Astellas and Ganymed’s shareholders, Astellas paid EUR 422 million ($441 million) to acquire 100% of the equity in Ganymed. In addition, Ganymed’s shareholders will become eligible to receive up to EUR 860 million ($899 million) in further contingent payments based on progress in developing Ganymed’s most advanced clinical program, IMAB362, an antibody drug candidate for treating gastroesophageal cancer.

Source: Astellas Pharma