Astellas, Kate Therapeutics Ink License Agreement For Gene Therapy Candidate KT430

(RTTNews) - Astellas Pharma Inc. (ALPMY) and Kate Therapeutics, announced on Thursday that they have entered an exclusive license agreement to develop and commercialize KT430.

KT430, is a preclinical, next-generation investigational gene therapy of Kate Therapeutics, to treat X-linked myotubular myopathy.

X-linked myotubular myopathy is a life-threatening disease that is defined by extreme muscle weakness, respiratory failure and early death. Mortality rates are around 50 percent in the first 18 months of life.

As per the deal terms, Astellas will make an undisclosed upfront payment to Kate Therapeutics, and in return will receive an exclusive worldwide license to develop, manufacture and commercialize KT430.

In addition, Kate Therapeutics is eligible to receive development, regulatory and commercial milestone payments, and royalties on global sales.

On Wednesday, shares of Astellas Pharma closed at $16.09 down 2.42% or $0.40.