Astellas Pharma Acquires Propella Therapeutics For $175M

Astellas Pharma Inc. has agreed to buy Propella Therapeutics, Inc. for roughly $175 million. The acquisition is planned to take place during Astellas' fiscal year 2023, which will expire on March 31, 2024.PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor being developed by Propella for the treatment of prostate cancer will be acquired by Astellas. PRL-02 is a new, long-acting abiraterone prodrug that is predicted to produce high concentrations in target tissues where the active component, abiraterone, is constantly released upon intramuscular injectionPRL-02 may provide improved efficacy and safety compared to existing treatment options by high CYP17 lyase inhibition selectivity. PRL-02 is currently in a Phase 1 clinical trial and is expected to enter Phase 2a clinical trials in 2024, as per contractpharma.Naoki Okamura, President, and CEO, Astellas said, "The acquisition fits with Astellas' strategy to provide patients with therapeutic options for diseases with high unmet medical needs. Propella has a promising program, PRL-02, targeting prostate cancer. 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."William Moore, President, and CEO, Propella said, "Propella has focused on the research and development of proprietary, highly selective inhibitors that precisely block the synthesis of androgens, the main driver of prostate cancer, without significant changes in other steroids that are known to reduce clinical activity and safety. We are gratified that Astellas recognizes and values PRL-02's potential as a best-in-class therapeutic for the treatment of men with prostate cancer. We are delighted that Astellas has chosen PRL-02 for further development and we are committed to supporting Astellas' plans to accelerate PRL-02 development to improve treatment options for prostate cancer patients globally."