Mitsubishi Tanabe acquiring NeuroDerm

Mitsubishi Tanabe Pharma Corp. (Tokyo:4508) is acquiring neurology company NeuroDerm Ltd. (NASDAQ:NDRM) for $39 per share, or about $1.1 billion. The price is a 17% premium on NeuroDerm'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 Extra, March 1)...