The acquisition is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including US antitrust clearance
Image: Astellas Pharma office in Canada. Photo: Courtesy of Raysonho @ Open Grid Scheduler / Grid Engine/Wikipedia.
Japanese pharmaceutical firm Astellas Pharma has agreed to acquire genetic medicines company Audentes Therapeutics for a total equity value of approximately $3bn.
Under the terms of the agreement, Astellas US Holding, through its subsidiary Asilomar Acquisition, will acquire Audentes at a purchase price of $60 per share in cash.
Astellas president and CEO Kenji Yasukawa said: “Recent scientific and technological advances in genetic medicine have advanced the potential to deliver unprecedented and sustained value to patients, and even to curing diseases with a single intervention.
“Audentes has developed a robust pipeline of promising product candidates which are complementary to our existing pipeline, including its lead program AT132 for the treatment of X-Linked Myotubular Myopathy (XLMTM). By joining together with Audentes’ talented team, we are establishing a leading position in the field of gene therapy.”
The transaction facilitates gene therapy partnerships and pipeline expansion
Accesses is engaged in the development of AT132, intended for the treatment of XLMTM, a life-threatening, rare neuromuscular disease characterized by extreme muscle weakness, respiratory failure and early death.
The acquisition would facilitate the combination of Astellas’ scientific capabilities and global resources with Audentes’ AAV gene therapy technology platform, large-scale cGMP manufacturing and neuromuscular development expertise.
Astellas said that the acquisition of Audentes plays a crucial role in the expansion of its focus area approach, to create innovative medicines for diseases with unmet medical needs by identifying unique combinations of biology and therapeutic modality/technology based on emerging science.
In addition, the transaction would add a fifth primary focus area in genetic regulation which would enhance its future growth in gene therapy.
The acquisition is expected to be completed in the first quarter of 2020, subject to customary closing conditions, including US antitrust clearance and the tender of a majority of Audentes’ outstanding shares of common stock.
For the transaction, Morgan Stanley & Co., through its affiliate Mitsubishi UFJ Morgan Stanley Securities, has served as exclusive financial advisor and Covington & Burling served as legal counsel to Astellas.
Centerview Partners served as exclusive financial advisor and Fenwick & West as legal counsel to Audentes.
Audentes chairman and CEO Matthew Patterson said: “With its focus on innovative science and a global network of research, development and commercialization resources, we believe that operating as part of the Astellas organization optimally positions us to advance our pipeline programs and serve our patients.”