Japanese pharmaceutical company Astellas Pharma is set to acquire Belgian drug discovery company Ogeda with an identical definitive agreement also signed.

"Private equity firm Apollo Capital has acquired an additional 7.5% stake in GLG Pharma , increasing its total stake in the target company to 11.33%."

The consideration for the acquisition is €500m ($532.5m) in an initial cash payment to acquire 100% equity in the target company at the closing of the agreement, and an additional €300m ($319.49m) upon attaining clinical development and regulatory milestones for a drug named fezolinetant.

The acquisition is expected to be completed in the second quarter of this year.

Private equity firm Apollo Capital has acquired an additional 7.5% stake in GLG Pharma, increasing its total stake in the target company to 11.33%.

GLG Pharma is a biotechnology company based in the US.