Japanese pharmaceutical company Astellas Pharma Inc. revealed that it completed the acquisition of preclinical-stage biotechnology company Potenza Therapeutics Inc. for $404.7 million.
Astellas paid an advance fee of $164.6 million to buy Potenza and Potenza's shareholders will be qualified for additional payments that total up to $240.1 million, basing on the progress of various programs in clinical development.
This transaction marks the result of a partnership agreement of 2015 to develop immuno-oncology (IO) therapies. The deal underlines Astellas' commitment to innovation and scientific collaborations.
With the transaction, Potenza became a wholly-owned subsidiary of Astellas, founding a competitive and fully owned clinical IO pipeline.