Biotechnology company Astellas Pharma, Inc. said Monday it entered into an agreement for its subsidiary, Laurel Acquisition, Inc., to purchase Ocata Therapeutics, Inc.
The goal of the deal is to bring the two companies' resources together to develop cutting-edge therapies for patients living with severe ophthalmic diseases.
Under the terms of the sale, unanimously approved by the boards of Astellas and Ocata, Laurel Acquisition will pay $8.50 per share for all outstanding shares of Ocata common stock. Laurel will be merged into Ocata.
"We highly value Ocata's research and development capabilities, including its world-leading researchers in cell therapy," Astellas President and CEO
Yoshihiko Hatanaka said. "We're confident that we will turn innovative science into value for patients through the creation of new value by combining both companies' capabilities under 'One Astellas,' where Ocata will be taking a key role in Astellas' research and development in ophthalmology and cell therapy."
Ocata President and CEO
said he was "impressed by the vision and commitment of Astellas and believe that with their global resources behind our regenerative platform, patients suffering from debilitating diseases like AMD (age-related macular degeneration) and SMD (senile macular degeneration) will soon benefit from having access to regenerative medicine."
Astellas Pharma buys Ocata Therapeutics to boost ophthalmology therapies
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