Pharma BD Deal Intelligence
Astellas acquired Iveric Bio for $40.00/share in cash, total equity value ~$5.9B, to add avacincaptad pegol (Izervay) for geographic atrophy (GA) secondary to age-related macular degeneration. The deal was announced April 30, 2023 and completed July 11, 2023; Izervay won its initial U.S. FDA approval in August 2023. Post-close the asset has validated the thesis: in February 2025 the FDA approved an expanded label removing the prior 12-month dosing-duration limit (>210,000 vials distributed through December 2024), and in September 2025 Japan's MHLW granted conditional approval, making Izervay the first and only approved GA treatment in Japan. U.S. sales reached ¥15.9B / ~$110M in Q1 FY2025 (Apr-Jun 2025); Astellas guides to ¥105B (~$750M) for FY2025 and projects U.S. peak sales of ¥200-400B ($1.3-2.6B).