Asian Tech Press (Nov 17) -- Japanese drugmaker Astellas Pharma Inc. (4503:Tokyo) on Wednesday announced it would buy U.S. biopharmaceutical company Propella Therapeutics Inc.

Astellas said it entered into a merger agreement with Propella through a U.S. subsidiary, acquiring all of the outstanding common stock and equity interests in the latter for about $175 million.

Meanwhile, Astellas will also acquire PRL-02 (abiraterone decanoate), a prostate cancer therapy under development by Propella.

And the drug is currently in a Phase 1 clinical trial and due to enter Phase 2a clinical trials in 2024, Astellas said in a statement.

The transaction will supposedly close during Astellas' fiscal year 2023 (ending on March 31, 2024), subject to customary closing conditions.