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Mitsubishi Tanabe Pharma to buy Israel's Neuroderm for $1.1 billion

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Staff Writer | | 38 minutes ago
Mitsubishi Tanabe Pharma
Acquisition   $39 for each Neuroderm share

Japan's Mitsubishi Tanabe Pharma is acquiring Israeli drug maker Neuroderm for $1.1 billion in cash as part of a strategy to grow its business in the United States.

Mitsubishi Tanabe Pharma said it would leverage Neuroderm's Parkinson's disease drug product that has commenced clinical trials in the United States and Europe and is expected to launch in financial year 2019.

It said the acquisition is intended to help it "achieve its U.S. sales target of 80 billion yen by FY2020".

Mitsubishi Tanabe Pharma will pay $39 for each Neuroderm share, a premium of about 17 percent to its Friday close. The deal is expected to close in the fourth quarter of 2017.

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