(Reuters) - Japan’s Takeda Pharmaceutical Co Ltd (4502.T) said it would buy privately held U.S. company LigoCyte Pharmaceuticals Inc for an upfront payment of $60 million to expand its vaccine portfolio.
The deal gives Takeda access to LigoCyte’s experimental norovirus vaccine. The virus is the most common cause of gastroenteritis, a swelling of the gastrointestinal tract.
LigoCyte is also developing experimental vaccines against respiratory syncytial virus, influenza and rotavirus.
Takeda intends to retain LigoCyte’s management team and its employees as part of the deal, which also includes additional milestone payments based on the progress of LigoCyte’s development programs.
Reporting by Vidya P L Nathan; Editing by Supriya Kurane