Japan's Otsuka Pharma to pay up to $1.1 bln to acquire Jnana Therapeutics (updated)

Otsuka Holdings

01/08/2024 05:44

(Adds details from paragraph 2)
    By Rocky Swift
       TOKYO, Aug 1 (Reuters) - Japan's Otsuka Pharmaceutical
 4578.T  said on Thursday it agreed to pay more than $1 billion
to acquire Jnana Therapeutics as it looks to expand its drug
pipeline and research base in the Boston area.
    Otsuka is joining domestic rivals Ono Pharma  4528.T ,
Takeda Pharmaceutical  4502.T  and Astellas Pharma  4503.T  in
making big overseas deals to replenish their drug portfolios.
    Otsuka will pay $800 million to Jnana shareholders along
with up to $325 million in development and regulatory
milestones, the Japanese company said in a statement. The deal
is expected to be completed in the third quarter of this year.
        Jnana is a clinical-stage biotechnology company with
drug candidates for rare diseases and immune disorders. Its lead
program, JNT-517, is a potential treatment for phenylketonuria
(PKU), a rare genetic metabolic disease.
        Otsuka focuses on psychiatric drugs, such as the
antipsychotic Abilify, as well as cancer treatments. Its
consumer goods division produces the Pocari Sweat electrolyte
drink and the Calorie Mate energy bar for the domestic Japanese
market.
  
        The company produced the world's first approved
digitally connected drug, Abilify MyCite.
  

 (Reporting by Rocky Swift; Editing by Clarence Fernandez and
Christian Schmollinger)
 ((rocky.swift@thomsonreuters.com;))