Astellas Pharma Inc. has entered an agreement to acquire Ganymed Pharmaceuticals, a German biopharma company focused on the development of antibodies against cancer, for €422 million. Ganymed’s shareholders are also eligible to receive as much as €860 million in payments based on IMAB362 development milestones. Ganymed will become a wholly owned subsidiary of Astellas. The closing, subject to customary regulatory approvals, is expected to be finalized in the coming weeks.
 
Ganymed has several oncology pipeline assets in preclinical and clinical stages, including its most advanced drug IMAB362. Recent results of a Phase IIb study of IMAB362 in gastroesophageal cancer showed that IMAB362 extended the median progression-free survival (7.9 months vs. 4.8 months), and the median overall survival (13.2 months vs. 8.4 months) when added to standard chemotherapy. In the subgroup of patients with the highest levels of Claudin18.2, IMAB362 resulted in near-doubling of overall survival (16.7 months vs. 9.0 months).  
 
“Oncology is one of our focus therapeutic areas and key drivers for our growth. The acquisition of Ganymed will enable Astellas to further expand our oncology presence by adding a late-stage antibody asset with the potential to establish a new pillar following XTANDI,” said Yoshihiko Hatanaka, president and chief executive officer, Astellas. “We aim to deliver a potential new therapeutic option to cancer patients who currently have limited treatment options available to them.”
 
Dr. Özlem Türeci, chief executive officer and co-founder of Ganymed said, “I am impressed by the competence, commitment and vision of Astellas. Recognizing their global resources, I am also confident that Astellas will be able to turn innovative science and promising clinical results into near-term value for patients.”