Astellas Pharma Inc. exercised an exclusive option to fully acquire biotechnology company Mitobridge Inc. for $225 million up front.
In addition to the up-front fee, Mitobridge may receive up to an additional $225 million based on the progress of its clinical programs.
Astellas said the acquisition, which accelerates its investment in mitochondrial drug discovery, is expected to close in the next several weeks, subject to customary regulatory approvals.
The deal will have no material impact on Astellas' financial results for the fiscal year ending March 31, 2018.
The option is part of a 2013 partnership agreement between the companies to discover and develop compounds targeting mitochondrial function.
