Astellas Pharma, the Japanese pharmaceutical giant, has announced a strategic acquisition of Propella Therapeutics for $175 million, a move that could significantly bolster its oncology portfolio. This acquisition grants Astellas access to Propella’s innovative oncology platform and its promising prostate cancer drug candidate, PRL-02.
PRL-02, an injectable androgen biosynthesis inhibitor, is currently undergoing a Phase 1 clinical trial, with expectations to advance to Phase 2a in 2024. This novel therapeutic targets a key enzyme involved in androgen production, a critical factor in the progression of prostate cancer. It aims to replicate the therapeutic benefits of Janssen’s Zytiga, a once-dominant player in the market with annual revenues nearing $2 billion, but with an improved administration profile.
Unlike Zytiga, which requires daily oral intake, PRL-02 is designed for a 12-week injection cycle, potentially enhancing patient adherence and convenience. Propella’s leadership has expressed confidence in PRL-02’s potential to become a best-in-class treatment option. “We are delighted that Astellas has chosen PRL-02 for further development,” said Propella CEO William Moore. “We are committed to supporting Astellas’ plans to accelerate PRL-02 development to improve treatment options for prostate cancer patients globally.”
The acquisition of Propella is the latest in a series of strategic moves by Astellas, demonstrating its commitment to expanding its therapeutic offerings. Notably, Astellas recently entered into a $21 million collaboration with PeptiDream to develop protein degraders targeting ‘undruggable’ proteins and secured an exclusive license for KT430, a gene therapy for myotubular myopathy, from Kate Therapeutics. Moreover, Astellas made a significant splash with its $5.9 billion acquisition of Iveric Bio, aimed at enhancing its ophthalmology portfolio with advanced treatments for geographic atrophy.
Astellas CEO Naoki Okamura emphasized the alignment of the Propella acquisition with the company’s strategic vision, stating, “The acquisition fits with Astellas’ strategy to provide patients with therapeutic options for diseases with high unmet medical needs. We believe that the synergy with Astellas’ global development and commercialization capabilities in the cancer and urology fields will accelerate the development of PRL-02 and deliver new value to patients with prostate cancer.”
The transaction is expected to be finalized before March 2024, further solidifying Astellas’ position as a leader in the pharmaceutical industry, particularly in the fields of cancer and urology.
