Astellas Entered Into Definitive Agreement to Acquire Iveric Bio for $40/Share In Cash

Author: Charles Gross | April 30, 2023 07:15pm
Astellas Pharma Inc. (TSE: 4503, President and CEO: Naoki Okamura, "Astellas") and IVERIC Bio, Inc. (NASDAQ:ISEE, CEO: Glenn P. Sblendorio, "Iveric Bio")) today announced that on April 29, 2023 (Japan time), the Companies have entered into a definitive agreement under which Astellas through Berry Merger Sub, Inc., a wholly-owned subsidiary of Astellas US Holding, Inc., has agreed to acquire 100% of the outstanding shares of Iveric Bio for US$40.00 per share in cash for a total equity value of approximately US$5.9 billion (the "Acquisition"). In the Acquisition, Iveric Bio will become an indirectly wholly-owned subsidiary of Astellas. The total equity value of Iveric Bio in the Acquisition assumes that there are approximately 148.2 million outstanding shares of Iveric Bio common stock on a fully diluted basis. The purchase price represents a premium of 64% to Iveric Bio's unaffected closing share price of US$24.33 on March 31, 2023, and a premium of 75% to Iveric Bio's 30 trading day volume weighted average price as of March 31, 2023. The Boards of Directors of both companies have unanimously approved the transaction.

Posted In: ISEE