Sector News

Astellas buys Belgian drug discovery group Odega for up to €800M

April 4, 2017
Life sciences

Astellas Pharma has agreed to acquire privately-held Belgian drug discovery group Odega in a deal worth up to 800 million Euros.

Ogeda is a clinical-stage drug discovery company that discovers and develops small molecule drugs targeting G-protein coupled receptors (GPCRs).

The firm’s lead investigational candidate is fezolinetant, a selective NK3 receptor antagonist with positive data from a Phase IIa study for the non-hormonal treatment of menopause-related vasomotor symptoms.

Under the deal, Astellas will make an initial payment of 500 million euros in consideration of 100 percent of the equity in Ogeda at the closing of the transaction.

Ogeda shareholders are also eligible to receive an additional 300 million euros with attainment of certain clinical development and regulatory milestones for fezolinetant.

If the transaction, which remains subject to certain conditions, is successfully completed, Ogeda will become a wholly owned subsidiary of Astellas, expanding the Japanese drugmaker’s late-stage pipeline and contributing to its mid-to-long term growth.

By Selina McKee

Source: Pharma Times

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