Japanese company Astellas Pharma has concluded the acquisition of 100% equity in US-based biotechnology firm Mitobridge for a total of $225m, making the firm its wholly owned subsidiary.
Mitobridge shareholders will potentially receive additional payments of up to $225m from Astellas based on the progress of clinical development programmes.
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The deal bolsters Astellas’ research and development (R&D) in diseases caused due to mitochondrial dysfunctions and will allow the firm to provide new treatment options.
Astellas originally exercised its exclusive option to buy Mitobridge in November last year under the amended terms of their 2013 partnership agreements, which covered R&D collaboration to discover and develop drugs targeting mitochondrial function.
At the time of the announcement, Astellas Pharma president and CEO Yoshihiko Hatanaka said: “Astellas has increased the involvement in mitochondrial drug discovery through its partnership with Mitobridge and the network of key scientists that the company has assembled.
“Through the acquisition of Mitobridge, Astellas accelerates our investment in diseases caused by mitochondria dysfunctions in order to deliver innovative new treatment options to patients.”
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