Press Release

Propella Therapeutics Enters Merger Agreement With Astellas Pharma

November 16, 2023

Washington, DC November 16, 2023 – Cooley advised Propella Therapeutics, a privately held biopharmaceutical company that has leveraged a wholly owned proprietary platform that combines medicinal chemistry with lymphatic targeting to create new oncology drugs, on its merger agreement with Astellas Pharma in which Astellas will acquire Propella through a US subsidiary. Lawyers Aaron Binstock, Kenneth Krisko, Lindsey O’Crump and Danielle Joe led the Cooley team advising Propella.

Under the terms of the agreement, Astellas will pay approximately $175 million for all of Propella’s outstanding equity. As part of the acquisition, Astellas will acquire PRL-02, a next-generation androgen biosynthesis inhibitor being developed by Propella to treat prostate cancer. Subject to customary closing conditions, the transaction is expected to occur during Astellas’ fiscal year 2023 – which ends March 31, 2024.

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