Asahi Kasei announced it has entered into a definitive agreement to acquire all issued shares of Aicuris Anti-infective Cures AG, a German-based biopharmaceutical company, for approximately €780 million, or about $919 million at an exchange rate of $1.178 per euro as of February 25, 2026. The transaction is expected to close in the first quarter of fiscal 2026, subject to customary conditions.
The deal expands Asahi Kasei’s specialty pharmaceutical platform further into severe infectious diseases and is expected to contribute positively to operating income after amortization of goodwill and other intangible assets from fiscal 2028 onward.
The acquisition advances the company’s strategy to build a focused and sustainable specialty pharmaceutical platform serving immunocompromised and medically complex patient populations. Severe infectious diseases are strategically adjacent to Asahi Kasei’s established transplant subsidiary Veloxis and nephrology subsidiary Calliditas, where infection-related complications remain a significant clinical concern.
By leveraging its commercial infrastructure across transplant centers and nephrology providers, along with its R&D capabilities, Asahi Kasei expects to accelerate development and commercialization of Aicuris’s pipeline while enhancing operating efficiency and long-term earnings.
Aicuris adds three compounds that complement Asahi Kasei’s existing portfolio and expand its presence in infectious diseases. Pritelivir is being evaluated for the treatment of HSV infection in immunocompromised patients, a population commonly treated in transplant centers and specialized hospital settings where Asahi Kasei maintains established commercial relationships. Approval is targeted in fiscal 2026.
AIC468 is in development for the treatment of BK virus infection in kidney transplant recipients. BK virus remains a significant post-transplant complication with limited approved treatment options. Asahi Kasei expects to leverage its clinical, regulatory, and commercial capabilities to advance development and commercialization.
The portfolio also includes immediate royalty income from Prevymis, providing a layered growth profile that combines current revenue with near-term commercial upside from pritelivir and longer-term potential from AIC468.
The acquisition is part of a broader portfolio transformation under Asahi Kasei’s medium-term management plan, “Trailblaze Together,” which positions Pharmaceuticals as a First Priority business. The company is targeting net sales of ¥300 billion in Pharmaceuticals with an operating margin of 15 percent or higher by fiscal 2030.
KEY QUOTES
“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. 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.”
Ken Shinomiya, Head Of Asahi Kasei’s Healthcare Sector
