Astellas To Acquire Mitobridge in a Deal Worth Up to $450 Million
Astellas Pharma has agreed to acquire Mitobridge, a Cambridge, Massachusetts-headquartered company developing small-molecule therapeutics that improve mitochondrial functions, for up to $450 million under amended terms of their October 2013 research and development (R&D) collaboration focused on discovering and developing drugs that target mitochondrial function. These drug candidates 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.
Astellas will pay an upfront fee of $225 million to acquire Mitobridge; however, as Astellas is a shareholder in Mitobridge, the actual payment by Astellas to Mitobridge will be $165.5 million. Mitobridge will be eligible for additional payments that total up to $225 million, depending on the progress of various programs in clinical development.
The closing of the acquisition is subject to customary regulatory approvals and is expected to be finalized in the next several weeks. Mitobridge will become a wholly owned subsidiary of Astellas following the close of the acquisition.
Source: Astellas Pharma