Astellas announces acquisition of Ganymed Pharmaceuticals

Astellas has announced the acquisition of Ganymed Pharmaceuticals, a German biopharmaceutical company focused on the development of antibodies against cancer.

Under the terms of the deal, Astellas will pay 422 million euros (379.02 million pounds) to acquire the company, with Ganymed's shareholders eligible to receive up to 860 million euros in further contingent payments based on progress in the development of IMAB362, Ganymed's most advanced clinical programme.

This compound is part of a new class of therapies called ideal monoclonal antibodies, which are uniquely selective for proteins that are present on tumour cells, meaning they do not bind to healthy cells.

Recent results of a phase IIb study of IMAB362 in gastro-oesophageal cancer patients showed the drug was able to extend median progression-free survival and overall survival rates when added to standard chemotherapy.

The deal, which is expected to be finalised in the coming weeks, will allow Astellas to build upon its leading oncology franchise as a platform for sustainable growth.

Yoshihiko Hatanaka, president and chief executive officer of Astellas, said: "We aim to deliver a potential new therapeutic option to cancer patients who currently have limited treatment options available to them."

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