Takeda Pharmaceutical has completed its purchase of all outstanding ordinary shares of Belgium-based TiGenix for approximately $608.84m (€520m), representing €1.78 per share.
Takeda revealed its plans to acquire the biopharmaceutical firm in January this year, under an offer and support agreement for a voluntary public takeover bid.
The closing of the transaction follows the expiration of the squeeze-out period, which started on 6 July and expired on 26 July this year.
With the completion of the deal, Takeda gains 100% securities with voting rights or providing access to the rights of TiGenix that are not already held by the company or its affiliates.
As a result, TiGenix becomes a wholly-owned subsidiary of Takeda.
Takeda expects the acquisition to bolster its late-stage gastroenterology pipeline along with a footprint in the specialist care market of the US.
The deal additionally expands an ongoing alliance between Takeda and TiGenix focused on the development of new therapies for patients suffering from gastrointestinal conditions.
In July 2016, the companies signed an exclusive licence, development and commercialisation agreement for one of TiGenix’s investigational compounds, Cx601, in ex-US markets.
Cx601 is a suspension of allogeneic expanded adipose-derived stem cells (eASC). It is being developed to treat complex perianal fistulas caused due to non-active/mildly active luminal Crohn’s disease.
Takeda chief medical and scientific officer Andrew Plump said: “Limited treatment options exist today and I believe we can be most effective in serving this population by working in collaboration with partners whose unique skill sets allow us to more efficiently explore innovative approaches, including stem cell therapies.”
Takeda primarily works towards addressing gastroenterology disorders with high unmet need such as inflammatory bowel disease, acid-related diseases and motility disorders.
The company also aims to provide new treatment options, including microbiome therapies, for celiac and advanced liver diseases.