Astellas Completes Acquisition of MitobridgeBy
Astellas Pharma has completed its previously announced acquisition of Mitobridge, a Cambridge, Massachusetts-headquartered company developing small-molecule therapeutics that improve mitochondrial functions, for up to $450 million.
The deal was made under amended terms of the companies’ October 2013 research and development (R&D) collaboration focused on discovering and developing drugs that target mitochondrial function. The therapeutic focus of the previous collaboration between the companies involves drug candidates that have the potential to treat genetic, metabolic, or neurodegenerative disorders as well as conditions of aging.
MA-0211, the most advanced program emerging from the collaboration, is currently in Phase I clinical studies for Duchenne muscular dystrophy, a genetic disorder characterized by progressive muscle degeneration and weakness.
By exercising the option right to acquire Mitobridge, Astellas paid $225 million to acquire 100% of the equity in Mitobridge. In addition, Mitobridge shareholders will be eligible for additional payments from Astellas that total up to $225 million depending on the progress of various programs in clinical development. As Astellas is a shareholder in Mitobridge, Astellas says the actual payment to Mitobridge shareholders will be $165.5 million.
Astellas says it will maintain the Mitobridge organization in Cambridge, Massachusetts. With the deal closing, Mitobridge will become a wholly owned subsidiary of Astellas and the Mitobridge name will be retained as a division of Astellas.