Rare Daily Staff
Astellas Pharma said it exercised its exclusive option right to acquire Mitobridge, part of a partnership agreement guiding the R&D collaboration between the two companies focused on discovery and development of drugs targeting mitochondrial function.
Under the terms of the agreement, Astellas will pay $225 million up front and up to an additional $225 million in milestones dependent on the advances to clinical programs. Because Astellas is a major shareholder of Mitobridge, the actual payments to Mitobridge will be $165.5 million. Following the acquisition, Mitobridge a wholly-owned subsidiary of Astellas
Astellas and Mitobridge have collaborated since 2013 to discover and develop compounds that target mitochondrial function. Mitochondria are the powerhouse of the cell. Healthy mitochondria are vital to normal cellular activities. Mitochondrial dysfunction drives the pathogenesis of a wide variety of medical disorders, including acute conditions and chronic degenerative diseases.
These drug candidates have the potential to treat genetic, metabolic or neurodegenerative disorders, as well as conditions of aging. MA-0211, the most advanced program emerging from the collaboration, is currently in early-stage clinical studies for Duchenne Muscular Dystrophy.
“Astellas has increased the involvement in mitochondrial drug discovery through its partnership with Mitobridge and the network of key scientists that the company has assembled. The achievements resulting from the collaboration have exceeded our expectations including the rapid advancement of multiple programs,” said Yoshihiko Hatanaka, president and CEO, Astellas. “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.”
December 5, 2017
Photo: Kazumi Shiosaki, Ph.D., President & CEO, and co-founder of Mitobridge