Astellas snaps up UK gene therapy ophthalmic minnow

Japanese drug major Astellas Pharma (TYO: 4503) is expanding its stake in the ophthalmology sector with the acquisition of a small UK-based gene therapy company.

Astellas this morning said it has acquired Quethera, which is focused on developing novel treatments for ocular disorders, such as glaucoma and was founded just three years ago by pharma industry veteran Peter Widdowson.

Under the terms of the purchase agreement, Astellas may pay up to £85 million ($109 million) in aggregate consideration (upfront and contingent payments) to Quethera shareholders. On the closing of the transaction, Quethera has become a wholly-owned subsidiary of Astellas.