Japanese Firm to Buy Israeli Drug Maker for Record $1.1 Billion
Date: July 26, 2017
Source: The Tower by ISRAEL21c
NeuroDerm, an Israeli clinical-stage pharmaceutical company developing next-generation treatments for central nervous system disorders, will be acquired for $1.1 billion in cash by Japanese company Mitsubishi Tanabe Pharma Corporation.
The deal, expected to close in late 2017 pending shareholder approval, reportedly would be the largest-ever acquisition of an Israeli pharmaceuticals company. The transaction will be completed by way of a merger under the Israeli Companies Law.
NeuroDerm’s drug-device combinations enable new routes of administration for existing drugs that overcome their current deficiencies and achieve enhanced clinical efficacy.
Its portfolio of four product candidates specifically addresses major unmet needs in the field of Parkinson’s disease and cognition, from the moderate to the most severe stage of the disease.
“We believe that this transaction will yield important benefits for NeuroDerm’s shareholders and the Parkinson’s disease patients that urgently need new therapies,” said NeuroDerm CEO Dr. Oded Lieberman.