Astellas strengthens gene therapy portfolio with Iveric Bio acquisition

Astellas Pharma has acquired Iveric Bio, a US-based biotech firm, for $5.9 billion.

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The deal is expected to bolster Astellas' portfolio in ophthalmology and gene therapy.

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Iveric Bio's lead drug candidate, Zimura, is a treatment for a degenerative eye disease known as geographic atrophy.

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Zimura has shown promising results in clinical trials and could become a blockbuster drug with potential annual sales of over $1 billion.

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The acquisition is part of Astellas' strategy to expand its presence in the US market.

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The transaction is expected to close by the end of 2021, subject to regulatory approval and other customary closing conditions.

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Iveric Bio will become a wholly-owned subsidiary of Astellas following the acquisition.

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The acquisition represents Astellas' largest-ever purchase of a biotech firm.

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Astellas will finance the acquisition using cash on hand and borrowings from banks.

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The acquisition is expected to be accretive to Astellas' earnings in the medium term.

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Astellas strengthens gene therapy portfolio with Iveric Bio acquisition

Astellas Pharma has acquired Iveric Bio, a US-based biotech firm, for $5.9 billion.