Sector News

Astellas to acquire eye drug developer Iveric Bio for $5.9B

May 6, 2023
Life sciences

The deal hands Astellas a drug called Zimura that Iveric is studying as a treatment for a form of vision loss known as geographic atrophy. Iveric’s drug already succeeded in a pair of Phase 3 trials and is currently being reviewed by U.S. regulators. A decision is expected by Aug. 19.

Pharmaceutical companies have increasingly turned to dealmaking to help offset patent losses that are soon expected for many of the industry’s top-selling drugs. Over the last two months, drugmakers have spent roughly $65 billion in total on buyouts, led by Pfizer’s $43 billion acquisition of cancer biotech Seagen, according to BioPharma Dive data.

Astellas is among those with drugs expected to soon face generic competition. Its prostate cancer drug Xtandi is set to lose patent protection in 2027. Zimura could help soften the blow, as well as provide a “foundation of ophthalmology focused capabilities,” including a commercial team and access to a network of experts and medical institutions, Astellas said. READ MORE

by Ben Fidler

Source: biopharmadive.com

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