Ocata Therapeutics of Marlborough, which researches treatments for eye diseases, has agreed to be sold to Astellas Pharma Inc. of Japan for $379 million, the two companies announced late Monday.
Astellas subsidiary Laurel Acquisition Inc. will make the purchase through an $8.50-per-share tender offer of all Ocata stock. Laurel will then be merged with Ocata. The 20-day transaction period for the tender offer is expected to begin no later than Nov. 25, the statement said.
Ocata and Tokyo-based Astellas said both their boards of directors had approved the agreement.
“The acquisition of Ocata represents the coming together of two companies with significant accomplishments and a shared commitment to [developing] innovative therapies that address the unmet medical needs of patients suffering from severe ophthalmic diseases,” the statement said. It noted that the deal also enables Astellas to establish a presence in ophthalmology and a leading position in cell therapy.
Monday’s statement did not say how the acquisition would impact Ocala’s employees or operations. A spokesman yesterday morning said the company has nothing to add beyond what is in the news release.
Ocata, a pioneer in the study of stem cells for medical purposes, changed its name from Advanced Cell Technology about a year ago. The small and sometimes struggling biotech, which employs about 40, was founded in 1994. It has for some time been focusing on developing a treatment for dry age-related macular degeneration (dry AMD). A current study involves transplantation of its fully differentiated stem-cell line RPE into the retina.
Paul Wotton, president and CEO of Ocata, said in the statement: “I am impressed by the vision and commitment of Astellas and believe that with their global resources behind our regenerative platform, patients suffering from debilitating diseases like AMD and SMD [Stargardt’s macular dystrophy] will soon benefit from having access to regenerative medicine.”
