Astellas to Acquire Ganymed Pharmaceuticals
News Oct 31, 2016
Astellas Pharma Inc. and Ganymed Pharmaceuticals AG announced that they have entered into an agreement for Astellas to acquire Ganymed. The transaction would enable Astellas to continue to build upon its leading oncology franchise as a platform for sustainable growth.
Under the agreement, Astellas will pay €422 million to acquire 100% of the equity in Ganymed. In addition, Ganymed’s shareholders will become eligible to receive up to €860 million in further contingent payments based on progress in the development of IMAB362, Ganymed’s most advanced clinical program. Upon completion of the transaction, Ganymed would become a wholly owned subsidiary of Astellas. The closing of the transaction is subject to customary regulatory approvals, and is expected to be finalized in the next several weeks.
“Oncology is one of our focus therapeutic areas and key driver s 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,” commented Yoshihiko Hatanaka, President and CEO, 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, CEO 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 clinic al results into near -term value for patients”. And Helmut Jeggle, Ganymed’s Supervisory Board member and General Manager of the family office of the Strüngmann brothers (ATS Beteiligungsverwaltung GmbH) added, “We are pleased to hand over the Ganymed portfolio with its important novel treatment approaches for unmet needs in solid tumors to a strong and dedicated player in healthcare”.