Astellas snapping up Iveric Bio for $5.9 billion

2 May 2023
iveric_large

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.

This article is accessible to registered users, to continue reading please register for free.  A free trial will give you access to exclusive features, interviews, round-ups and commentary from the sharpest minds in the pharmaceutical and biotechnology space for a week. If you are already a registered user please login. If your trial has come to an end, you can subscribe here.

Login to your account

Become a subscriber

 

£820

Or £77 per month

Subscribe Now
  • Unfettered access to industry-leading news, commentary and analysis in pharma and biotech.
  • Updates from clinical trials, conferences, M&A, licensing, financing, regulation, patents & legal, executive appointments, commercial strategy and financial results.
  • Daily roundup of key events in pharma and biotech.
  • Monthly in-depth briefings on Boardroom appointments and M&A news.
  • Choose from a cost-effective annual package or a flexible monthly subscription
The Pharma Letter is an extremely useful and valuable Life Sciences service that brings together a daily update on performance people and products. It’s part of the key information for keeping me informed

Chairman, Sanofi Aventis UK

Companies featured in this story

More ones to watch >


Today's issue

Company Spotlight





More Features in Biotechnology