Astellas Completes Acquisition of Iveric Bio (ISEE)
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Astellas Pharma Inc. today announced that it has successfully completed the acquisition of IVERIC bio, Inc. (NASDAQ: ISEE) with respect to the announcement on
The completion of the Acquisition followed the satisfaction of all conditions, including approval by Iveric Bio's shareholders at a special meeting of Iveric Bio's shareholders held on
"We are very pleased to welcome Iveric Bio and its highly experienced professionals in the ophthalmology field, as a member of Astellas," said
"Today marks an exciting new chapter for Iveric Bio," said
"We believe that along with our colleagues at Astellas, we are well-positioned to become the leader in the development and commercialization of differentiated treatments for retinal diseases," said Pravin U. Dugel, President, Iveric Bio. "We are excited about the opportunities that are before us as both companies combine existing strengths and prepare for the potential approval and launch of Avacincaptad Pegol for the treatment of Geographic Atrophy secondary to Age-Related Macular Degeneration, a devasting disease that leads to irreversible blindness."
1. Conversion of target to subsidiary
(1) Reason for transfer
As a result of the Acquisition, Iveric Bio has become a consolidated subsidiary of Astellas.
(2) Outline of company converted into a subsidiary (prior to the acquisition)
① Company | IVERIC bio, Inc. | ||||
② Address | 8 Sylvan Way | ||||
③ Representative's Title and Name | CEO, | ||||
④ Business Description | R&D of pharmaceuticals | ||||
⑤ Stated Capital | |||||
⑥ Consolidated Stockholders' equity | 31, 2022) | ||||
⑦ Year of Establishment | 2007 | ||||
⑧ Number of Shares Outstanding | 137,976,851 (as of | ||||
⑨ Relationship between Astellas and Iveric Bio | |||||
Capital Relationship: | There is no capital relationship between | ||||
Personal Relationship: | There is no personal relationship between | ||||
Business Relationship: | There is no business relationship between | ||||
Status of A Related Party | Prior to the acquisition Iveric Bio was not | ||||
⑩Iveric Bio's consolidated operating results and consolidated financial position | |||||
Accounting Period | Fiscal year December, | Fiscal year December, | Fiscal year December, | ||
Total Equity | 191,563 | 360,528 | 534,657 | ||
Total Assets | 216,754 | 389,358 | 666,823 | ||
Equity per share (US $) | 2.58 | 3.54 | 4.42 | ||
Revenue (**) | - | - | - | ||
Operating Loss | (88,736) | (114,757) | (189,906) | ||
Loss before taxes | (88,242) | (114,522) | (185,211) | ||
Net Loss | (84,547) | (114,522) | (185,211) | ||
Net Loss per share (US $) | (1.14) | (1.12) | (1.53) | ||
Dividend per share (US $) | - | - | - | ||
* Excerpt from Iveric Bio's Annual Report on Form 10-K filed by Iveric Bio with | |||||
** There were no sales since these were before the product launch |
(3) Acquisition amount
(Acquisition amount includes the full amount required to purchase all outstanding options and restricted stock units)
(4) Conversion date
July 11, 2023,
2. Prospects
Astellas is currently reviewing the impact that the completion of the transactions described
above may have on its consolidated business forecast for the current fiscal year ending
March 31, 2024 and will make any necessary disclosure in accordance with applicable
requirements.
For more information, please see the press release "Astellas Enters into Definitive Agreement to Acquire Iveric Bio" issued on
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