Otsuka to Acquire Jnana Therapeutics for $1.1 Billion, $800M Upfront

Aug 1, 2024, 08:45 AM

Japan's Otsuka Pharmaceutical has announced an agreement to acquire U.S.-based Jnana Therapeutics for up to $1.1 billion. The deal includes an upfront payment of $800 million and up to $325 million in milestone payments. Jnana, a Boston-based clinical-stage biotech company, is known for its RAPID platform and the JNT-517 oral investigational drug, which has shown effectiveness for phenylketonuria (PKU) in Phase 1b/2 trials. Upon completion of the acquisition, Jnana will operate as a subsidiary of Otsuka in Boston and continue its research and development efforts, including work on autoimmune diseases. The company is led by CEO and co-founder Joanne Kotz. This acquisition adds to the recent uptick in private biotech mergers and acquisitions.