Mitsubishi unit buys Israel’s NeuroDerm

Mitsubishi Tanabe Pharma, part of Mitsubishi Chemical Holdings, has agreed to buy the Israeli firm NeuroDerm for $1.1 billion. NeuroDerm develops drug-device pairings to treat central nervous system disorders. One of its candidates, ND0612, is undergoing Phase III trials for late-stage Parkinson’s, a point when treatment with oral levodopa no longer works. NeuroDerm’s approach is the continuous subcutaneous administration of levodopa via a small pump attached to the person’s belt. Mitsubishi Tanabe says the acquisition will help it raise U.S. sales to $715 million by 2020. Next month, the Japanese firm will launch its amyotrophic lateral sclerosis drug Radicava in the U.S.