Morrison & Foerster is advising Tokyo, Japan-based Astellas Pharma Inc. in the acquisition of its partner Mitobridge, Inc., a biotechnology company that focuses on mitochondrial therapeutics. Astellas is exercising its exclusive option right to acquire Mitobridge under the amended terms of the October 2013 partnership agreement governing an R&D collaboration. Astellas will pay an upfront fee of $225 million and Mitobridge will be eligible for additional payments that total up to $225 million. The closing of the deal is subject to customary regulatory approvals, and is expected to be finalized in the next several weeks.
The MoFo team advising Astellas includes partners Stephen Thau (Northern Virginia) and Rufus Pichler (San Francisco), as well as Northern Virginia associates Tom Randall and Lucas Barta. Jeff Jaeckel, co-chair of the firm’s Global Antitrust Law Practice Group, and Washington, DC associate Kerry Jones are also assisting on HSR matters. Morrison & Foerster represented Astellas in its initial investment and the original and amended partnership agreement.
For more information, see the related press release.
Select media coverage: