Astellas Pharma to acquire Propella Therapeutics for $175m
Astellas Pharma and Propella Therapeutics have announced that Astellas and Propella have entered a merger agreement in which Astellas will acquire Propella for approximately $175m.
Through this acquisition, Astellas will acquire PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor in development by Propella for the treatment of prostate cancer.
Under terms of the agreement, Astellas will pay approximately $175m in order to acquire all outstanding common stock and equity interests in Propella. The transaction is expected to close during Astellas’ 2023 fiscal year (ending 31 March 2024), however it is still subject to customary closing agreements.
Naoki Okamura, president and chief executive officer of Astellas Pharma, commented: “The acquisition fits with Astellas’ strategy to provide patients with therapeutic options for diseases with high unmet medical needs. Propella has a promising program, PRL-02, targeting prostate cancer. We believe that the synergy with Astellas’ global development and commercialization capabilities in the cancer and urology fields will accelerate the development of PRL-02 and deliver new VALUE to patients with prostate cancer.”
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