12.04.17
Astellas has acquired Mitobridge in a deal worth up to $450 million. The two companies had an existing R&D collaboration in place focused on discovering and developing novel drugs that target mitochondrial function. These drug candidates have the potential to treat genetic, metabolic or neurodegenerative disorders as well as conditions of aging. MA-0211, the most advanced program emerging from the collaboration, is currently in Phase 1 clinical studies for Duchenne Muscular Dystrophy (DMD).
"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. The achievements resulting from the collaboration have exceeded our expectations including the rapid advancement of multiple programs," said Yoshihiko Hatanaka, president and chief executive officer, Astellas. "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."
By exercising the option right according to the amended agreement, Astellas will pay an upfront fee of $225 million to acquire Mitobridge. Mitobridge will be eligible for additional payments that total up to $225 million, depending on the progress of various programs in clinical development. Following the close of the acquisition, Mitobridge will become a subsidiary of Astellas.
"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. The achievements resulting from the collaboration have exceeded our expectations including the rapid advancement of multiple programs," said Yoshihiko Hatanaka, president and chief executive officer, Astellas. "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."
By exercising the option right according to the amended agreement, Astellas will pay an upfront fee of $225 million to acquire Mitobridge. Mitobridge will be eligible for additional payments that total up to $225 million, depending on the progress of various programs in clinical development. Following the close of the acquisition, Mitobridge will become a subsidiary of Astellas.