Shionogi to Buy IntraBio to Expand Rare Disease Business in $2 Billion Deal

Rare Daily Staff

Shionogi said it will acquire IntraBio for $2 billion, a move that would give the Japanese drugmaker full ownership of Aqneursa, an approved treatment for neurological symptoms of Niemann-Pick disease type C and for ataxia in people with ataxia-telangiectasia.

The acquisition, expected to close before year-end, marks Shionogi’s latest effort to build a rare-disease franchise beyond its historic focus on infectious diseases. Earlier this year, the company acquired global rights to edaravone—marketed as Radicava in the United States and Radicut in Japan—for amyotrophic lateral sclerosis, or ALS.

Once the transaction closes, IntraBio will become a wholly owned subsidiary of Shionogi Inc., the company’s U.S. unit.

IntraBio brings a commercial-stage treatment for rare neurological diseases, as well as experience developing therapies for inherited neurodegenerative disorders. Shionogi said it expects IntraBio’s expertise to support its existing rare-disease pipeline, which includes programs in Pompe disease, Fragile X syndrome and Jordan’s syndrome.

“The planned acquisition of IntraBio actively demonstrates Shionogi’s solid commitment to building a leading global rare disease business,” Shionogi CEO Isao Teshirogi said.

Under the terms of the deal, Shionogi agreed to pay $2 billion upfront for all of IntraBio’s outstanding shares. The transaction reflects Aqneursa’s commercial potential in two ultra-rare conditions, as well as the value of IntraBio’s rare-neurology capabilities.

IntraBio reported $67.9 million in sales in 2025, up from $3.5 million in 2024, according to financial information included in the announcement. The company was not yet profitable, reporting a net loss of $35.8 million in 2025, compared with a loss of $78.3 million a year earlier.

Photo: Shionogi CEO Isao Teshirogi.