Astellas Pharma To Buy Propella Therapeutics For About $175 Mln

(RTTNews) - Astellas Pharma Inc. (ALPMY, ALPMY) agreed to buy Propella Therapeutics Inc. for about US$175 million.

Propella is a privately held biopharmaceutical company that has leveraged a wholly owned proprietary platform that combines medicinal chemistry with lymphatic targeting to create new oncology drugs.

Through the acquisition of Propella, Astellas will acquire PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor being developed by Propella to treat prostate cancer. PRL-02 is currently in a Phase 1 clinical trial and is expected to enter Phase 2a clinical trials in 2024.

The transaction is expected to occur during Astellas' fiscal year 2023.