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