Astellas exercised right to acquire Mitobridge

Astellas exercised right to acquire Mitobridge
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Under and existing collaboration, Astellas Pharma will acquire Mitobridge as part of a 2013 R&D agreement governing focussed on developing novel drugs.

Under the 2013 partnership agreements, Astellas and Mitobridge have collaborated to discover and develop compounds that target mitochondrial function.

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 Phase 1 clinical studies for Duchenne Muscular Dystrophy (DMD).

Astellas will pay an upfront fee of $225 million to acquire Mitobridge.

Mitobridge will be eligible for additional payments that total up to $225 million, depending on the progress of various programs in clinical development.

The closing of the acquisition is subject to customary regulatory approvals, and is expected to be finalized in the next several weeks.