Propella Therapeutics to be acquired by Astellas Pharma for $175m
Astellas Pharma and Propella Therapeutics have announced that they have entered a merger agreement in which Astellas will acquire Propella for approximately $175m.
Through this acquisition, Astellas will acquire PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor in development by Propella for the treatment of prostate cancer.
Under terms of the agreement, Astellas will pay approximately $175m in order to acquire all outstanding common stock and equity interests in Propella. The transaction is expected to close during Astellas’ 2023 fiscal year (ending 31 March 2024), however it is still subject to customary closing agreements.
Naoki Okamura, president and chief executive officer of Astellas Pharma, commented: "The acquisition fits with Astellas' strategy to provide patients with therapeutic options for diseases with high unmet medical needs. Propella has a promising programme,
PRL-02, targeting prostate cancer. We believe that the synergy with Astellas' global development and commercialisation capabilities in the cancer and urolog y fields will accelerate the development of PRL-02 and deliver new value to patients with prostate cancer."
William Moore, president and CEO of Propella added: "Propella has focused on the research and development of proprietary, highly selective inhibitors that precisely block the synthesis of androgens, the main driver of prostate cancer, without significant changes in other steroids that are known to reduce clinical activity and safety. We are gratified that Astellas recognizes and values PRL- 02's potential as a best-in-class therapeutic for the treatment of men with prostate cancer. We are delighted that Astellas has chosen PRL-02 for further development and we are committed to supporting Astellas' plans to accelerate PRL-02 development to improve treatment options for prostate cancer patients globally."
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