Astellas Pharma buys Iveric Bio for $5.9 billion

May 1 (Reuters) – Japan’s Astellas Pharma (4503.T) said Monday it agreed to buy US-based drug maker IVERIC Bio Inc for about $5.9 billion in its largest acquisition, giving it access to a series of ophthalmic treatments.

Through Berry Merger Sub Inc, a wholly owned subsidiary of Astellas US Holding, the Japanese company agreed to acquire IVERIC for $40 per share in cash, Astellas said in a press release.

The acquisition price is a 22% premium to IVERIC’s closing price of $32.89 on April 28.

The Japanese drugmaker has been aggressively chasing cross-border acquisitions for new treatments in recent years, announces offers in late 2019 to buy US biotech Xyphos Biosciences for up to $665 million and Audentes Therapeutics Inc for about $3 billion.

Before that, the largest acquisition ever was the purchase of OSI Pharmaceuticals Inc for $3.8 billion in 2010.

Reporting by Baranjot Kaur in Bengaluru; Edited by Kim Coghill

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