(Alliance News) - Japanese pharmaceutical company Astellas Pharma has agreed to buy US company Iveric Bio for about USD5.9 billion, representing USD40 per share in cash.

The purchase price represents a premium of 64% to Iveric Bio's closing share price of USD24.33 on Friday, being he last business day before the annoucement.

The boards of both companies have unanimously approved the transaction. The companies expect to complete the acquisition in the second quarter of Astellas' fiscal year 2023.

Iveric Bio focuses on the discovery and development of novel treatments in the field of ophthalmology.

The company announced in February 2023 that the US Food & Drug Administration accepted for filing a New Drug Application for Avacincaptad Pegol for the treatment of GA secondary to AMD.

The NDA has been granted priority review with a Prescription Drug User Fee Act goal date of August 19, 2023.

source: dpa

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