Astellas Pharma Inc., multinational pharmaceutical company, has purchased Iveric Bio as part of a $5.9 billion deal.
Let’s start with Astellas Pharma.
As the second-largest pharmaceutical company in Japan, Astellas was formed in 2005 as a merger between Yamanouchi Pharmaceutical Co., Ltd. and Fujisawa Pharmaceutical Co., Ltd.
Its research and development areas of focus include mitochondria, genetic regulation, immuno-oncology, blindness and regeneration, and targeted protein degradation.
Give me some details on the purchase.
The agreement consists of Berry Merger Sub Inc., Astellas US Holding’s wholly-owned subsidiary, agreeing to acquire 100% of Iveric Bio’s outstanding shares for $40 per share in cash (equating to an estimated $5.9 billion).
The acquisition is being funded through cash and debt, with Iveric Bio becoming a whole-subsidiary of Astellas.
Any notable products involved?
Indeed there are. In February 2023, the FDA accepted Iveric’s new drug application (NDA) for ACP (avacincaptad pegol, a complement C5 inhibitor) for the treatment of geographic atrophy (GA) secondary to age-related macular degeneration (AMD).
A Prescription Drug User Fee Act (PDUFA) data is planned for August 19, 2023.
Any clinical data on it?
As a matter of fact, yes. In March 2023, an exploratory time-to-event analysis from ACP’s clinical development program (the GATHER trials, where it achieved its primary efficacy endpoint) found a significant reduction in vision loss among patients.
See the details here.
What’s unique about ACP?
It’s currently the only investigational therapy to receive Breakthrough Therapy designation for GA secondary to AMD (in November 2022).
Gotcha … so when is the deal effective?
The companies plan to complete the acquisition in Q2 2023.
What does this mean for Astellas?
This deal marks the largest-ever acquisition for Astellas as well as granting the company access to the age-related eye diseases’ expanding market.