Japanese pharmaceutical giant Astellas Pharma said Monday it will buy US pharmaceutical Iveric Bio for about $5.9 billion, as the drugmaker continues its merger and acquisition drive.
Astellas will acquire all outstanding shares of Iveric Bio, which focuses on ophthalmology treatments, for $40 per share through its US unit, Astellas US Holdings, local Japan’s Kyodo news agency reported, citing a statement by the Japanese drugmaker.
Listed on the US Nasdaq market, Iveric is presently seeking US approval for a drug for age-related macular degeneration, an eye disorder that can cause blurred vision.
The Japanese firm plans to procure about 800 billion yen (approximately $5.9 billion) through bank loans and by issuing commercial paper to secure the deal, the news agency reported.
The transaction is expected to be completed by the end of September.