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Astellas to acquire eye drug developer Iveric Bio for $5.9B

May 1, 2023

Japanese drugmaker Astellas Pharma on Sunday agreed to acquire Iveric Bio for about $5.9 billion, betting that a medicine the biotechnology company has developed for a common type of vision loss can help it build an eye drug business.

Astellas will pay $40 per share for Iveric, representing about a 22% premium to the company’s closing price on Friday but 75% more than its average trading price in March. The boards of both companies have unanimously backed the acquisition. If approved by shareholders and regulators, the buyout could close in the third quarter.

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