This comes just days after Astellas moved to buy regenerative medicines company Ocata Therapeutics
Astellas and LEO Pharma have entered into an Asset Purchase Agreement, under which Astellas will transfer its global dermatology business to LEO Pharma for €675m.
Under the terms of the agreement, the assets and associated responsibilities relating to Astellas’ global portfolio of dermatology products including Protopic (except for Protopic in Japan1), treatment for atopic dermatitis, and other products for the treatments of acne and skin infections, predominantly sold in the EMEA region, will be transferred to LEO Pharma.
The closing of this transaction is anticipated in the first quarter of 2016. Following the closing, Astellas and LEO Pharma will work together to ensure a smooth and effective transition of the products and business to LEO Pharma.
Astellas is still reviewing the impact of this transaction on its financial forecasts for the fiscal year ending March 31, 2016.
Yoshihiko Hatanaka, President and CEO of Astellas said: 'Astellas continuously considers its strategy and as a result, we reached this decision. We feel that dermatology patients around the world will be better served by transferring these products to LEO Pharma, a company with a strong focus on the dermatology therapeutic area. This transaction will allow us to re-allocate resources to activities that drive our competitive advantage. We are pleased to work with LEO Pharma to ensure smooth continuation of product supply around the world.'
Gitte Aabo, CEO and President of LEO Pharma, which is headquartered in Denmark, said: 'This is an historic milestone for LEO Pharma and will be instrumental in our efforts to help even more people living with skin diseases. We are excited about this opportunity and are looking forward to be working closely with Astellas on a seamless transfer of the portfolio.
'With our expanded portfolio, we will be able to offer patients an even wider range of treatment solutions to meet their individual needs,' he added.
1. The distribution right of Protopic was transferred to Maruho Co. Ltd. on April 1, 2014.