Business / Corporate

Astellas to acquire Belgian drug-discovery firm for up to €800 million

Kyodo

Astellas Pharma Inc. said Monday it will acquire a full stake in Belgian clinical-stage drug-discovery firm Ogeda SA for up to €800 million ($854 million).

The purchase is part of the Tokyo-based pharmaceutical company’s strategy to strengthen its long-term growth by buying out firms with high-level expertise in research and development.

Astellas plans to pay an initial €500 million to buy all the shares of the privately-owned Ogeda by the end of June.

It will make an additional payment of up to €300 million, depending on the progress of a menopausal-disorder medication being developed by the Belgian firm.

Ogeda has been conducting research on clinical-stage drugs including medication for menopausal hot flashes.

Yoshihiko Hatanaka, president of Astellas, said his firm “expects to provide a new treatment option to patients” with the acquisition.

Ogeda, which was founded in 1994 and has 41 employees, is backed by several investors including BNP Paribas Fortis Private Equity Management SA.

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