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Japan's Astellas Pharma to buy Audentes Therapeutics for $2.7 bln

Credit: REUTERS/STRINGER Japan

Japan's Astellas Pharma Inc on Monday agreed to buy Audentes Therapeutics Inc for $2.7 billion in cash as it looks to bolster its pipeline of genetic medicines for rare neuromuscular diseases.

Adds details on the deal

Dec 2 (Reuters) - Japan's Astellas Pharma Inc 4503.T on Monday agreed to buy Audentes Therapeutics Inc BOLD.O for $2.7 billion in cash as it looks to bolster its pipeline of genetic medicines for rare neuromuscular diseases.

Astellas' offer of $60 per share represents a 110% premium to Audentes' Monday close.

Audentes' investigational drug, AT132, is being developed to treat a rare genetic neuromuscular disorder, which results in extreme muscle weakness, respiratory failure and in some cases early death.

The company is aiming to seek FDA approval for the drug in mid-2020.

The deal is expected to close in the first quarter of 2020, the companies said in a statement.

Morgan Stanley & Co LLC, is Astellas' financial adviser while Covington & Burling LLP is the company's legal counsel.

Centerview Partners LLC is acting as financial adviser to Audentes and Fenwick & West LLP is its legal counsel.

(Reporting by Dania Nadeem in Bengaluru; Editing by Anil D'Silva)

((Dania.Nadeem@thomsonreuters.com; within U.S. +1 646 223 8780, outside U.S. +91 80 6749 0647;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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