Astellas to Buy Eye-Drug Maker Iveric Bio for $5.9 Billion

Japanese drugmaker Astellas Pharma Inc. agreed to acquire Iveric Bio Inc., a developer of drugs to treat age-related blindness, for about $5.9 billion.

The deal, which will be funded by cash and debt, is for 100% of Iveric Bio for $40 per share, a premium of 75% to the drugmaker’s 30-day volume-weighted average price through March 31, the companies said in a statement. Iveric shares gained as much as 15% as of 10:36 a.m. Monday in New York after closing at $32.89 on Friday.

The acquisition gives Astellas a potential product for blindness and eye conditions, a growth ...