Saturday, July 20, 2024
spot_img
HomeNewsBusiness WireOutcome Capital Announces Acquisition of Propella Therapeutics, Portfolio Company of Peterson Companies,...

Outcome Capital Announces Acquisition of Propella Therapeutics, Portfolio Company of Peterson Companies, by Astellas Pharma

Outcome Capital is a strategic advisor to Peterson Companies, majority shareholder of Propella

BOSTON–(BUSINESS WIRE)–Outcome Capital, a highly specialized life sciences advisory and investment banking firm, announced that Propella Therapeutics, a biopharmaceutical company that has developed a platform for lymphatic targeting to create best- or first-in-class oncology drugs, has been acquired by Astellas Pharma. Outcome Capital is a strategic advisor to Peterson Companies, majority shareholder of Propella.


Astellas and Propella have entered into a merger agreement pursuant to which Astellas will acquire Propella. Propella is a privately held biopharmaceutical company that has leveraged a wholly owned proprietary platform enabling lymphatic targeting of novel oncology drugs. Through the acquisition of Propella, Astellas will acquire PRL-02 (abiraterone decanoate), a next-generation androgen biosynthesis inhibitor being developed by Propella to treat prostate cancer. PRL-02 is a novel, long-acting prodrug of abiraterone that, following intramuscular injection, is expected to achieve high concentrations in target tissues where the active moiety, abiraterone, is continuously released. PRL-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. Under the agreement, Astellas will pay $175 million in cash consideration to acquire all of the outstanding common stock and equity interests in Propella. Subject to customary closing conditions.

Mr. William Peterson, Chairman of the Peterson Companies Investment Board commented, “We are excited to have an industry leader in Astellas recognize the significant potential of the Propella platform and the value it offers to prostate cancer patients. As a long-standing portfolio company, the strategic guidance and life sciences expertise of Outcome Capital has been invaluable in navigating our investment and achieving this positive transaction. Astellas is well positioned to bring PRL-02 to patients and we commend William Moore, President and CEO of Propella, and the team for developing the asset to this point.”

Dr. Oded Ben-Joseph, Managing Partner at Outcome Capital, added, “As the biotech/pharma industry continues to funnel significant resources to the challenging oncology segment, the Outcome team congratulates Peterson Companies on the transaction. It will allow Astellas to integrate Propella’s platform with their strategic vision of developing cost-effective novel drugs with a clear demonstration of improved clinical outcomes. We are confident that the Astellas team will successfully drive Propella’s technology through clinical development thereby offering better treatment options for prostate cancer patients.”

About Outcome Capital

Outcome Capital is a unique and highly specialized life sciences advisory and investment banking firm, providing innovative companies with a value-added, market-aligned approach to mergers & acquisitions, partnering, financing and strategic advisory. The firm uses its proven ‘strategy-led execution’ approach to value enhancement by assisting management teams and their boards in navigating both financial and strategic markets and implementing the best path for success. Outcome Capital’s strength stems from its multi-disciplinary team consisting of industry veterans who draw from their wide range of scientific, operational, strategic, and transactional expertise across the value chain, and broad industry network and relationships. Comprised of former CEOs, PhD/MD level scientists and clinicians, business development executives, and experienced commercialization experts, our team is driven to propel innovation from bench to bedside. Outcome Capital, Member FINRA/SIPC. Please visit http://www.outcomecapital.com.

About Propella Therapeutics

Propella Therapeutics, Inc. is a biopharmaceutical company that has developed a platform that combines medicinal chemistry with lymphatic targeting to create best- or first-in-class oncology drugs that have validated MOAs and biological targets but suffer from efficacy and safety limitations. Lymphatic targeting enables therapies to be delivered directly to therapeutic target tissues including the lymph nodes and bone, thereby enhancing efficacy and bypassing plasma compartment safety and efficacy limitations and first-pass liver effects. Propella is currently in the Phase 1 portion of a Phase 1/2a study of its lead product candidate, PRL-02, for the treatment of metastatic prostate cancer. The privately held development-stage company, based in Pittsboro, N.C., is dedicated to meeting the needs of cancer patients currently underserved by existing standards of care.

About Astellas Pharma

Astellas Pharma Inc. is a pharmaceutical company conducting business in more than 70 countries around the world. We are promoting the Focus Area Approach that is designed to identify opportunities for the continuous creation of new drugs to address diseases with high unmet medical needs by focusing on Biology and Modality. Furthermore, we are also looking beyond our foundational Rx focus to create Rx+® healthcare solutions that combine our expertise and knowledge with cutting-edge technology in different fields of external partners. Through these efforts, Astellas stands on the forefront of healthcare change to turn innovative science into VALUE for patients. For more information, please visit our website at https://www.astellas.com/en.

Contacts

Outcome Capital – Media
Michelle Linn

Linnden Communications

michelle@linndencom.com

Outcome Capital
Steve Holstein

SHolstein@outcomecapital.com

spot_img
RELATED ARTICLES
spot_img
spot_img
spot_img

Caribbean News

UN rights chief concerned over polarization, inequality, racism – Guatemala

NEW YORK, USA - The UN High Commissioner for Human Rights on Friday highlighted changes and ongoing challenges in Guatemala – including corruption, racism...

Global News

ICJ: Israel’s continued occupation of Palestinian territory ‘unlawful’

The HAGUE - The UN International Court of Justice (ICJ) on Friday declared that Israel’s continued presence in the Occupied Palestinian Territory “is unlawful”,...