Takeda completes IDM Pharma acquisition

Takeda Pharmaceutical Company has completed its acquisition of IDM Pharma.

Takeda Pharmaceutical Company has announced that it is now completed its planned acquisition of IDM Pharma.

The research-based firm, which is headquartered in Japan, said its subsidiary Jade will purchase all outstanding shares in IDM Pharma for $2.64 (£1.62) each.

Jade will be merged with the newly purchased company, making IDM a wholly-owned subsidiary of Takeda and its parent company Takeda America Holdings.

IDM is a biopharmaceutical company that is focused on the treatment of cancer.

Its MEPACT product - a therapy developed to treat osteosarcoma - will now transfer to Takeda's oncology portfolio in Europe.

Osteosarcoma, or malignant bone cancer, is a rare disease that is often fatal. MEPACT is used to treat it in its non-metastatic form following surgical removal of tumours.

Erich Brunn, chief executive of Takeda Pharmaceuticals Europe, said: "With the closing of this acquisition, we look forward to launching MEPACT in Europe.

"This novel therapy, the first treatment approved for osteosarcoma in more than 20 years, has the potential to benefit patients in an area where new treatments are urgently needed."

Under the terms of the commercial agreements reached between the two companies, IDM's common stock will no longer trade on the NASDAQ Global Market.

Takeda first announced its intention to acquire IDM through its Jade subsidiary in May. At the time, it said the MEPACT product would become a key driver in enhancing its European oncology franchise.

Timothy Walbert, president and chief executive officer of IDM Pharma, said: "Our goal has been to improve the lives of cancer patients by developing therapies that meet significant unmet treatment needs - Takeda shares this goal."