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Astellas Pharma Buys Xyphos Biosciences To Strengthen Immuno-oncology Pipeline

Tokyo, Japan-based Astellas Pharma Inc. (ALPMY) announced the acquisition of South San Francisco, CA-based privately held development-stage biotechnology company Xyphos Biosciences, Inc.

This total transaction is valued at $665 million, including $120 million paid upon closing of the acquisition and potential future development milestone payments. Xyphos became a wholly owned subsidiary of Astellas.

Astellas expects to gain Xyphos' novel and proprietary ACCEL or Advanced Cellular Control through Engineered Ligands technology platform, as well as adds talent to accelerate next-generation cancer immunotherapy.

Xyphos' first convertibleCAR-T cell product candidate is in preclinical development and scheduled to be tested in a first-in-human clinical study in 2021.

Astellas expects an limited impact from this transaction on its financial results in the fiscal year ending March 31, 2020.

Kenji Yasukawa, President and CEO, Astellas, stated, "The innovative technology in development at Xyphos fits perfectly in advancing our immuno-oncology strategy to create and deliver value for patients."

ALPMY closed Thursday's session at $17.11.

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