Astellas Pharma US, Inc. has finalized its acquisition of Propella Therapeutics, Inc., making it a wholly owned subsidiary. This strategic move grants Astellas ownership of PRL-02, a novel androgen biosynthesis inhibitor aimed at prostate cancer treatment. PRL-02, a long-acting prodrug of abiraterone, shows potential for improved efficacy and safety. The transaction, costing around $175 million, positions Astellas for advanced clinical trials in 2024, albeit with limited fiscal impact expected for the year ending March 31, 2024.
Astellas Pharma US, Inc. (TSE: 4503, President and CEO: Naoki Okamura, “Astellas”) announced today that it has completed the acquisition of Propella Therapeutics, Inc. (President and CEO: William Moore, “Propella”), and has become a wholly owned subsidiary of Astellas as of U.S. Eastern Time December 21, 2023.
Through the acquisition of Propella, Astellas has acquired PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor being developed by Propella to treat prostate cancer. PRL-02 is a novel, long-acting prodrug* of abiraterone that, following intramuscular injection, is expected to achieve high concentrations in target tissues where the active moiety, abiraterone, is continuously released. PRL-02 may provide improved efficacy and safety compared to existing treatment options by high CYP17 lyase inhibition selectivity. PRL-02 is currently in a Phase 1 clinical trial and is expected to enter Phase 2a clinical trials in 2024.
Under the agreement, Astellas paid approximately US $175 million to acquire all of the outstanding common stock and equity interests in Propella.
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The impact of this transaction on Astellas’ financial results in the fiscal year ending March 31, 2024, will be limited.
* Prodrug: drugs with increased bioavailability by utilizing metabolic reactions in the body
Source: Bio Space
