Astellas Pharma To Acquire Iveric Bio In $5.9 Bln Deal

(RTTNews) - Astellas Pharma Inc. (ALPMY, ALPMY) agreed to acquire Iveric bio Inc. (ISEE) for US$40.00 per share in cash, representing a total equity value of about US$5.9 billion.

The purchase price represents a premium of 64% to Iveric Bio's unaffected closing share price of US$24.33 on March 31, 2023.

The Boards of Directors of both companies have unanimously approved the transaction.

The companies expect to complete the acquisition in the second quarter of Astellas' fiscal year 2023.

Iveric Bio focuses on the discovery and development of novel treatments in the field of ophthalmology. The company announced in February 2023 that the U.S. Food and Drug Administration accepted for filing a New Drug Application ("NDA") for Avacincaptad Pegol for the treatment of GA secondary to AMD. The NDA has been granted priority review with a Prescription Drug User Fee Act goal date of August 19, 2023.