Astellas snapping up Iveric Bio for $5.9 billion
Shares of New Jersey, USA-based biotech firm Iveric Bio (Nasdaq: ISEE) closed up nearly 16% at $38.05 yesterday, on the news of an agreed takeover bid from Japanese pharma major Astellas Pharma (TYO: 4503), with the latter rising 2.2% to 2,093 yen.
Astellas has agreed to acquire 100% of the outstanding shares of Iveric Bio for $40.00 per share in cash for a total equity value of around $5.9 billion.
With the acquisition, Iveric Bio will become an indirectly wholly-owned subsidiary of Astellas. The purchase price represents a premium of 64% to Iveric Bio’s unaffected closing share price of $24.33 on March 31, 2023, and a premium of 75% to Iveric Bio’s 30 trading day volume weighted average price as of March 31, 2023.
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