Japanese pharmaceutical company Astellas Pharma Inc. said Tuesday it has reached an agreement to buy U.S. biotechnology firm Audentes Therapeutics Inc. for about $3 billion in order to accelerate the development of genetic medicines.

The acquisition by Astellas of Audentes, which researches and develops treatments for serious neuromuscular diseases, is expected to be completed in the first quarter of 2020. The Japanese firm eventually aims to acquire full shares of the San Francisco-based biotech company, according to a joint press release.

"By joining together with Audentes' talented team, we are establishing a leading position in the field of gene therapy with the goal of addressing the unmet needs of patients living with serious, rare diseases," Kenji Yasukawa, president and CEO of Astellas, said in the statement.

"With its focus on innovative science and a global network of research, development and commercialization resources, we believe that operating as part of the Astellas organization optimally positions us to advance our pipeline programs and serve our patients," said Audentes Chairman and CEO Matthew Patterson.

Audentes was founded in 2012 and is currently listed on the Nasdaq stock exchange.

==Kyodo

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