The agreement is based on the price of $40 for each ISEE share in cash, a 64% premium to Iveric Bio's unaffected closing share price of US$24.33 on March 31, 2023.
"We are pleased to reach an agreement with Iveric Bio, a company with exceptional expertise in the R&D of innovative therapeutics in the ophthalmology field," said Naoki Okamura, president and CEO, Astellas.
The two companies expect the transaction will be closed in the second quarter of Astellas' fiscal year 2023 (third calendar quarter of 2023).
"This transaction with Astellas, a highly respected pharmaceutical company, demonstrates the significant value that we have built for our stockholders and recognizes the tremendous work by our dedicated team at Iveric Bio," said Glenn P. Sblendorio, chief executive officer of Iveric Bio.
Stifel analysts said Astellas is acquiring “a successful GA program and the ability to shape a commercial effort.”
“Astellas was not the most obvious partner given some of the larger players in retinal disease. Regardless, given Astellas’ strategic goals, we expect this to be a strong fit and applaud ISEE ability to complete this program while finding a partner committed to its retinal platform,” the analysts said in a note.
Iveric shares are indicated at $38.75 in pre-open Monday, up almost 18% on the day.
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