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Mitsubishi acquiring NeuroDerm

July 28, 2017 7:53 PM UTC

Mitsubishi Tanabe Pharma Corp. (Tokyo:4508) will acquire neurology company NeuroDerm Ltd. (NASDAQ:NDRM) for $1.1 billion at a price of $39 per share. The price is 17% premium over the share’s July 21 close of $33.20.

The deal gives Mitsubishi ND0612, which delivers liquid levodopa and carbidopa continuously via a subcutaneous belt pump to treat Parkinson's disease. The candidate is in the Phase III iNDiGO trial to treat PD with motor fluctuations. In March, a high-dose formulation, ND0612H, met the primary endpoint of reduced daily "off" time in the Phase IIa Trial 006 study. iNDiGO is comparing both the high-dose formulation and a low-dose version, ND0612L, with placebo (see BioCentury, March 6)...