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news.Japanese biotech company Sosei is to acquire UK-based Arakis in a deal worth $187.4 million. The deal will give Sosei a global profile and significantly expand its portfolio of drugs in development.
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Under the terms of the transaction, Sosei will pay the $187.4 million with an upfront payment of $20.7 million in cash, and issue 35,630 shares for the rest.
The deal includes access to Arakis’ $375 million global partnership with Novartis for its lead product AD237, a once daily, inhaled, long-acting agent for COPD (chronic obstructive pulmonary disease).
The enlarged group will have a broad mid-to-late stage clinical and preclinical pipeline, products with near term revenue generation potential, complementary product discovery capabilities, and strengths in Europe and Asia.
Commenting on the transaction, Shinichi Tamura, chief executive of Sosei, said, “The transaction represents a major step towards Sosei’s strategic vision of becoming a global top ten biopharmaceutical company. It combines two highly successful companies to create an enlarged group with a strong pipeline of products today, which management believes is sustainable into the future through the complementary product discovery and development capabilities of the two companies.”