Astellas Pharma Inc said on Wednesday that it had agreed to acquire Propella Therapeutics Inc.
Propella is a privately held bio-pharmaceutical firm that has leveraged a wholly owned proprietary platform combining medicinal chemistry with lymphatic targeting to create new oncology drugs.
Through the acquisition, Astellas will acquire PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor that is being developed by Propella to treat prostate cancer.
“The acquisition fits with Astellas’ strategy to provide patients with therapeutic options for diseases with high unmet medical needs. Propella has a promising program, PRL-02, targeting prostate cancer. We believe that the synergy with Astellas’ global development and commercialization capabilities in the cancer and urology fields will accelerate the development of PRL-02 and deliver new VALUE to patients with prostate cancer,” Naoki Okamura, President and Chief Executive Officer of Astellas Pharma Inc, said in a press release.
Under the deal, Astellas will pay about $175 million to acquire all of the outstanding common stock and equity interests in Propella.
“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,” William Moore, President and Chief Executive Officer of Propella, commented.