Takeda Pharmaceutical Company Ltd. is buying biopharmaceutical company Inviragen Inc. for up to $215 million, in a move that follows several other biopharmaceutical deals.

Takeda will pay $35 million in cash up front, but the purchase price could rise to $215 million depending on certain development milestones.

Inviragen, headquartered in Fort Collins, Colo., develops vaccines for emerging infectious diseases, include dengue and hand, foot and mouth disease. Dengue is a mosquito-borne viral illness.

Osaka-based Takeda is working to develop its vaccine business, which will expand with the development of Invirgen’s vaccine.

Inviragen’s shareholders include EDBI< Charter Life Sciences, Venture Investors and Phillip Private Equity.

Morgan Lewis & Bockius LLP is acting as Takeda’s legal counsel for the deal. Torreya Partners LLC is Inviragen’s financial adviser, while Wilson Sonsini Goodrich & Rosati is providing legal advice. 

The deal comes after several other biopharmaceutical deals. In April, Opko Health Inc. (NYSE: OPK) announced it was buying Israeli biopharmaceutical company Prolor Biotech Inc. (NYSE: PBTH) in an all-stock deal valued at $480 million, and in March, Shire plc (LSE: SHP, Nasdaq: SHPG) said it would purchase Sarcode Bioscience Inc., a biopharmaceutical company.

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