Astellas Pharma Inc. (TSE:4503) entered into a merger agreement to acquire remaining unknown majority stake in Iota Biosciences, Inc. for approximately $300 million on October 14, 2020. As per the transaction, Astellas will acquire all of the outstanding equity in iota not already held by Astellas. Astellas will make an initial payment of approximately $127.5 million and an additional payments of $176.5 million, upon achievement of predetermined milestones by iota within certain timeframes after completion of the transaction to the iota’s shareholders, other than Astellas. Astellas is also committing to spend a total of $125 million over the next five years to fuel Iota’s aggressive expansion. Upon completion of the transaction, iota will become a wholly owned subsidiary of Astellas. The transaction is subject to customary closing conditions and is expected to occur during the third quarter of fiscal year ending March 2021. D. Michael Murray of Jones Day acted as legal advisor to Astellas Pharma Inc. in the transaction. Michael J. O'Donnell of Morrison & Foerster LLP acted as legal advisor to Iota Biosciences. Centerview Partners LLC acted as financial advisor to Astellas Pharma Inc. (TSE:4503) in the transaction. Astellas Pharma Inc. (TSE:4503) completed the acquisition of remaining unknown majority stake in Iota Biosciences, Inc. on October 29, 2020.