CHELMSFORD, Mass. & TOKYO — Asahi Kasei said it has entered into a definitive agreement to acquire all outstanding shares of Aicuris Anti-infective Cures AG, a Germany-based biopharmaceutical company, for approximately €780 million, strengthening its specialty pharmaceutical platform and expanding its presence in severe infectious diseases.
The transaction is expected to close in the first quarter of fiscal 2026, subject to customary closing conditions. Asahi Kasei said the acquisition is expected to contribute positively to operating income, after amortization of goodwill and other intangible assets, beginning in fiscal 2028.
The acquisition advances Asahi Kasei’s strategy to build a focused and sustainable specialty pharmaceutical business serving immunocompromised and medically complex patient populations. Severe infectious diseases are closely aligned with the company’s existing pharmaceutical operations, including its transplant and nephrology businesses, where infection-related complications are a significant clinical concern.
Asahi Kasei said it plans to leverage its established global commercial infrastructure across transplant centers and nephrology providers, along with its research and development capabilities, to accelerate development and commercialization of Aicuris’s pipeline while improving operating efficiency and supporting long-term earnings growth.
“This acquisition strengthens our position across interconnected therapeutic areas, including autoimmune diseases, transplantation, kidney disease, and severe infectious diseases. It enhances our pipeline and reinforces our strategy to build a leading global specialty pharmaceutical company,” said Ken Shinomiya, head of Asahi Kasei’s healthcare sector. “Given the strategic alignment of this asset and the opportunity to expand within an area where we already have an established presence, we acted in a nimble and disciplined manner to advance our long-term growth objectives. This transaction accords with our capital allocation framework and supports our objective of achieving net sales of ¥300 billion in Pharmaceuticals with an operating margin of 15% or higher by fiscal 2030.”
Through the acquisition, Asahi Kasei will add three compounds that expand and complement its infectious disease portfolio. These include Prevymis (letermovir), which generates royalty income as a marketed therapy for the prevention of cytomegalovirus infection in transplant recipients; pritelivir, an oral therapy with a novel mechanism of action for the treatment of herpes simplex virus infections in immunocompromised patients, for which Phase III development has been completed and regulatory approval is targeted for 2026; and AIC468, an antisense oligonucleotide in early development for the treatment of BK virus infection in kidney transplant recipients, with commercialization targeted around 2030.
Asahi Kasei said pritelivir represents a significant near-term value driver, given its relevance to transplant centers and specialized hospital settings where the company already maintains strong commercial relationships. AIC468 is expected to further strengthen the company’s transplant and renal-disease franchises by addressing BK virus infection, a serious post-transplant complication with limited treatment options.
The company said the combined portfolio enhances its financial profile by pairing immediate royalty income from Prevymis with near-term commercial potential from pritelivir and longer-term upside from AIC468, creating a layered growth trajectory that supports revenue durability and margin expansion.
The acquisition is part of a broader portfolio transformation at Asahi Kasei, which has designated Pharmaceuticals as a first-priority business under its current medium-term management plan, “Trailblaze Together.” The company said it continues to pursue disciplined investments to optimize its business mix and accelerate its transition toward a more focused and capital-efficient enterprise.
The purchase price is equivalent to approximately $919 million based on an exchange rate of $1.178 per euro as of February 25, 2026.
