Astellas Pharma will acquire Mitobridge under amended terms of their October 2013 partnership agreement governing an R&D collaboration focused on discovering and developing novel drugs that target mitochondrial function. Mitobridge will become a wholly owned subsidiary of Astellas following the close of the acquisition.
Their 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 Phase 1 clinical studies for Duchenne Muscular Dystrophy (DMD).
According to a press release, Astellas will pay an upfront fee valued at $225 million to acquire Mitobridge, although the actual payment by Astellas will be $165.5 million. The amount assumes the current Astellas' shares on a fully diluted basis, and the amount will be adjusted. Mitobridge will be eligible for additional payments that total up to $225 million, depending on the progress of various programs in clinical development.