Takeda agrees to buy IDM Pharma for $75M

Japan's largest drugmaker Takeda has agreed to acquire USA-based IDM Pharma for $75.0 million, in a move that will help bolster its oncology  pipeline. The Osaka-based based firm said it would pay $2.64 per IDM  share, which represents a 55% premium to its May 15 closing price.

Earlier this year, IDM received European approval for Mepact  (mifamurtide, L-MTP-PE) for non-metastatic, resectable osteosarcoma  (Marketletter March 23). Phase III study data showed that Mepact plus  chemotherapy resulted in a 30% decrease in the risk of death, with 78%  of patients surviving after six years of follow-up.

IDM has three investigational products, which includes both synthetic  and cell-based therapeutic cancer vaccines designed to prevent tumor  recurrence as well as cell-killing products. The development of all  three is currently on hold.