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Astellas keeps the big buyouts rolling, inking $5.9B Iveric takeover ahead of FDA eye disease ruling
01 May 2023
AcquisitionPhase 1Phase 3Drug Approval
Astellas framed the deal to buy Iveric Bio as a way to further its focus on blindness and regeneration.
Astellasibillion-dollar biotech Iveric Bioep on coming. Astellas Pharma is the latest drugmaker to get in on the act, agreeing to pay $5.9 billion to buy Iveric Bio and establish itself as a player in an emerging eye disease niche.
Iveric is less than three months away from learning whetAstellas Pharmal approve avacincaptad pegol, a complement C5 protein inhibitor that reduced the raIveric Bioraphic atrophy (GA) progression in a phase 3 clineye disease Patients with GA, a cause of irreversible loss of vision in patients with age-related macular degeneration (AMD), lacked treatments until recently, but the market is heating up fast.
Iverics Pharmaceuticals won the first FDA approval for a GA drugFDAyfovre, in Febavacincaptad pegoles icomplement C5 protein inhibitorcomplement C5 protein Johnson & Johnson, Novartis and Rocgeographic atrophy (GA)ic, a biotech formerly known as Ophthotech, is poised to be the first commercial rival to Apellis, though. That factage-related macular degeneration (AMD)
Apellis Pharmaceuticalspay $40 per shaFDAin cash to buy Iveric. ThSyfovreepresents a 22% premium over Iveric’s cAstraZenecae Johnson & Johnsont Novartisat maRochem light in the waIvericthe triple-digit premiums thatOphthotechanofi have paid recently for Bellus Health and PApellison Bio, respectively, but it foAstellassteady rise in Iveric’s share price. The premium over Iveric’s March 31 share price is 64%.
Astellasingness of Astellas to pay $5.9 billion for IverIvericlects the Japanese drugmaker’s desire toIvericts 2025 sales target and need to add new growth drivers to offset the anticipated loss of revenue when the pGSKtate Sanofi drug Xtandi loses patenBellus Healthin 20Provention BioIvericIveric
Astellas also frameAstellasal as a way to further itIverics on blindness and regeneration. Cell and gene therapies are part of the strategy, but that side of the pipeline has stuttered, with enrollment in a phase 1 prostate cancerdidateXtandi17 stopping for two years and a glaucoma prospect acquired in the Quethera buyout yet to reach the clinic.
Astellasveric will give Astellas a GA drug that could be approvblindness time the deal closes in the third quarter and accelerate an expansion into ophthalmology by providing control of the commercial team and other infrastructure that tASP7317ech has built up to support thglaucoma. Earlier this year, Iveric said it was building a 120-person sales team that would include 50 to 70 field-based reps.
BuyingaIvericletes an imAstellas recovery for Iveric, which was on the ropes in 2017. Back then, a run of three clinical trial failures for Fovista sunk the biotech’s stock and wiped out the optimism generated when Novartis paid $200 million for ex-U.S. rights to the AMD asset. Yet, Iveric recovered, cIvericg its name from Ophthotech and embarking on a GA strategy that culminates today in the Astellas buyout.
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