PITTSBORO – Startup biotech Propella Therapeutics is being acquired for Japan-based Astella Pharma in a deal valued at $175 million.
Propella is developing a treatment for prostate cancer. It’s currently in a Phase 1 clinical trial.
The deal is expected to close early next year.
“Propella has focused on the research and development of proprietary, highly selective inhibitors that precisely block the synthesis of androgens, the main driver of prostate cancer, without significant changes in other steroids that are known to reduce clinical activity and safety. We are gratified that Astellas recognizes and values PRL-02’s potential as a best-in-class therapeutic for the treatment of men with prostate cancer,” said Propella CEO William Moore.
“We are delighted that Astellas has chosen PRL-02 for further development and we are committed to supporting Astellas’ plans to accelerate PRL-02 development to improve treatment options for prostate cancer patients globally.”