Mit­subishi Tan­abe Pharma to buy Neu­ro­derm for $1.1 B

BioSpectrum (Asia) - - Finance News -

Ja­pan’s Mit­subishi Tan­abe Pharma is ac­quir­ing Is­raeli drug maker Neu­ro­derm for $1.1 bil­lion in cash as part of a strat­egy to grow its busi­ness in the U.S. The Ja­panese drug­maker would lever­age Neu­ro­derm’s Parkinson’s dis­ease drug prod­uct that has com­menced clin­i­cal tri­als in the U.S. and Europe and is ex­pected to launch in fi­nan­cial year 2019. The ac­qui­si­tion is in­tended to help the com­pany achieve its U.S. sales tar­get of 80 bil­lion yen by FY2020. The deal will be one of the largest ever pur­chases of an Is­raeli firm by a Ja­panese com­pany, sur­pass­ing in­ter­net re­tailer Rakuten’s $900 mil­lion ac­qui­si­tion of chat app Viber in 2014.

Mit­subishi Tan­abe Pharma will pay $39 dol­lars for each Neu­ro­derm share, a pre­mium of about 17 per cent. The deal is ex­pected to close in the fourth quar­ter of 2017. Neu­ro­derm is de­vel­op­ing drug-device com­bi­na­tions for cen­tral ner­vous sys­tem dis­or­ders and its lead prod­uct is ND0612 for the treat­ment of Parkinson’s dis­ease. Neu­ro­derm’s goal is to sub­mit reg­u­la­tory ap­pli­ca­tions for ND0612 in Europe by the end of 2018.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.