Astellas To Acquire Bio/Pharma Company Iveric Bio for $5.9 Bn By
Astellas Pharma has agreed to acquire Iveric bio, a Parsippany, New Jersey-based bio/pharmaceutical company focused on ophthalmology, for $5.9 billion.
Iveric bio’s lead drug candidate is avacincaptad pegol for treating geographic atrophy, a chronic progressive degeneration of the macula as part of late-stage age-related macular degeneration. The company announced in February 2023 that the US Food and Drug Administration (FDA) accepted the company’s new drug application (NDA) for the drug. The NDA was granted priority review with a Prescription Drug User Fee Act goal date of August 19, 2023.
The pending acquisition fits one of Astella’s five areas of therapeutic focus in the company’s growth strategy: developing treatments for vision loss, blindness, and regeneration. The other areas are genetic medicines, immuno-oncology, treatments addressing mitochondrial dysfunction, and targeted protein degradation to address undruggable drugs in various disease areas.
The Boards of Directors of both companies have unanimously approved the transaction. The closing of the proposed acquisition is subject to approval by Iveric Bio’s stockholders and other customary closing conditions, including receipt of required regulatory approvals. The companies expect to complete the acquisition in the second quarter of Astellas’ fiscal year 2023 (third calendar quarter of 2023). Upon closing, Iveric Bio will become an indirectly wholly owned subsidiary of Astellas.