Astellas makes strong move into gene therapy with $3 billion acquisition

Japanese pharma major Astellas Pharma (TYO: 4503) on Monday evening announced that it has entered into a definitive agreement to acquire US biotech Audentes Therapeutics (Nasdaq: BOLD) at a price of $60.00 per share, representing a total equity value of around $3 billion, and a 110% premium to yesterday’s closing price.

Astellas says the acquisition also will accelerate the development of a robust pipeline of potentially best-in-class genetic medicines for rare neuromuscular diseases. The all-cash transaction, which is subject to regulatory approval including US antitrust clearance, is expected to close in the first quarter of 2010, with the news sending Audentes’ shares rocketing 105.4% to $ 58.78 in pre-market trading today. Astellas’ shares fell 2%.

“Recent scientific and technological advances in genetic medicine have advanced the potential to deliver unprecedented and sustained value to patients, and even to curing diseases with a single intervention,” said Kenji Yasukawa, president and chief executive of Astellas, adding: “Audentes has developed a robust pipeline of promising product candidates which are complementary to our existing pipeline, including its lead program AT132 for the treatment of X-Linked Myotubular Myopathy (XLMTM). By joining together with Audentes’ talented team, we are establishing a leading position in the field of gene therapy with the goal of addressing the unmet needs of patients living with serious, rare diseases.”