Astellas has announced the acquisition of the US-based drug development company Mitobridge in a deal worth $225 million (166.76 million pounds).
The company has exercised its exclusive option right to acquire Mitobridge under the amended terms of the partnership agreement originally signed by the businesses in October 2013.
“Astellas has agreed a deal to purchase Mitobridge, a specialist developer of therapies that enhance mitochondrial function.“
This collaboration has focused on the discovery and development of novel drugs that target mitochondrial function, an area of research in which Mitobridge specialises. These drug candidates have the potential to treat genetic, metabolic or neurodegenerative disorders, as well as conditions of ageing.
MA-0211, the most advanced programme emerging from the collaboration, is currently in phase I clinical development for Duchenne muscular dystrophy.
Yoshihiko Hatanaka, president and chief executive officer of Astellas, said: "Through the acquisition of Mitobridge, Astellas accelerates our investment in diseases caused by mitochondria dysfunctions in order to deliver innovative new treatment options to patients."
Following the completion of the takeover, Mitobridge will become a wholly-owned subsidiary of Astellas.
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