Mitsubishi Tanabe To Acquire Parkinson’s Drugs’ Technology for $1.1 BillionBy
Mitsubishi Tanabe Pharma Corporation (MTPC), a subsidiary of Mitsubishi Chemical Holdings Corporation, has agreed to acquire NeuroDerm, a pharmaceutical company that develops formulation technology and drug-device combinations for Parkinson’s disease, for $1.1 billion or $39 per share.
The offer is subject to customary conditions, including approval by NeuroDerm’s shareholders and receipt of applicable regulatory approvals. The merger will be conducted through a reverse triangular merger in which MTPC’s wholly owned merger subsidiary established in Israel solely for the purpose of the acquisition process will merge into NeuroDerm, after which NeuroDerm will become the surviving entity. Upon the closing of the transaction, NeuroDerm will become a wholly owned subsidiary of MTPC.
As a first step toward advancing its franchise in the US, MTPC is expected to launch Radicava, an FDA-approved treatment option for amyotrophic lateral sclerosis in the US market in August 2017. Additionally, the acquisition of ND0612 through this transaction is intended to enable MTPC to achieve its US sales target of 80 billion yen ($719 million), which is part of its medium-term management Plan. MTPC plans to expand its product pipeline in the central nervous system disease area.
Source: Mitsubishi Tanabe