Japan's Astellas Pharma agrees to buy IVERIC Bio for $5.9 bln (updated)

IVERIC bio

01/05/2023 24:50

(Adds details throughout)
       May 1 (Reuters) - Japan's Astellas Pharma  4503.T  said
on Monday it agreed to buy U.S.-based drugmaker IVERIC Bio Inc
 ISEE.N  for about $5.9 billion in its biggest acquisition,
giving it access to a range of ophthalmology treatments.
    Through Berry Merger Sub Inc, a wholly-owned subsidiary of
Astellas U.S. Holding, the Japanese company agreed to acquire
IVERIC for $40 per share in cash, Astellas said in a release.
    The acquisition price is a 22% premium to IVERIC's $32.89
closing price on April 28. 
        The Japanese drugmaker has been aggressively chasing
cross-border acquisitions for new treatments in recent years,
announcing deals in late 2019 to buy U.S. biotech Xyphos
Biosciences for up to $665 million and Audentes Therapeutics Inc
for about $3 billion. 
        Prior to that, its biggest ever acquisition was its $3.8
billion purchase of OSI Pharmaceuticals Inc in 2010.

 (Reporting by Baranjot Kaur in Bengaluru, Rocky Swift in Tokyo;
Editing by Kim Coghill and Sonali Paul)
 ((Baranjot.Kaur@thomsonreuters.com; +91 86990 46242;))