In an all cash transaction, Japan based Otsuka Pharmaceutical is set to acquire USA based Visterra Inc. for approximately $430 million. The transaction has been approved by boards of directors of both companies and the deal is subject to customary closing conditions, including expiration or termination of the waiting period under U.S. antitrust laws and is expected to close in the third quarter of 2018.
According to Tatsuo Higuchi, President and representative Director of Otsuka Pharmaceutical Co., Ltd.:
“I am highly gratified that Visterra’s exceptional antibody platform technology, promising pipeline and talented researchers will join up with Otsuka. By collaborating and reinforcing each other’s culture, human ingenuity and technology, we hope to help fulfill Visterra’s promise as a powerful new drug creation engine and expand Otsuka’s research horizons.”
Brian J. G. Pereira, MD, CEO of Visterra added the following about the acquisition:
“This transaction affirms the power of Visterra’s novel technology platform, the promise of our product candidates, and the value our employees and shareholders have created. Our two companies share a common culture of creativity and innovation, and commitment to patients with kidney diseases, cancer and other hard-to-treat diseases. Joining forces with Otsuka will provide Visterra the resources, support and commitment to accelerate development of our pipeline and fully realize the potential of our technology platform.”
Both Otsuka and Visterra share an extensive overlap in disease areas emphasized by these companies individually.
While Visterra’s pipeline includes programs targeting IgA nephropathy and other kidney diseases, cancer, chronic pain and infectious diseases, Otsuka researches on areas such as psychiatric and neurological diseases, hematological cancers, and kidney, cardiovascular, and infectious diseases.
Visterra will be a wholly owned subsidiary of Otsuka while retaining its talent and will continue to operate its business as a member of the Otsuka family of companies.
About Otsuka Pharmaceutical Co., Ltd.
Founded in 1964, Otsuka Pharmaceutical manufactures, distributes, exports, and imports pharmaceuticals, clinical testing equipment, medical devices and equipment, food products, cosmetics, and other related products. Headquartered in Japan, Otsuka Pharmaceutical offers drugs for central nervous system, tuberculosis, ophthalmology, and oncology diseases; OTC drugs; and soy products, such as nutritional foods, beverages, and healthy snacks for human health and environmental challenges. Otsuka employs around 46000 people worldwide.
About Visterra, Inc.
Founded in 2007, Visterra is a clinical-stage biopharmaceutical company, focuses on applying its Hierotope platform to identify unique disease targets and to design and engineer antibody-based therapies that are intended to be effective as a single-dose administration. Headquartered in the US, Visterra lead product candidate is VIS410, a monoclonal antibody (mAb) that is in Phase IIa clinical trials for the treatment of hospitalized patients with influenza A. Visterra employs around 42 employees.