Shionogi announced October 5 that its New Jersey-based subsidiary will acquire all outstanding shares of IntraBio, making the Austin, Texas-based company a wholly owned subsidiary for $2 billion in upfront cash consideration. The transaction is expected to close during the fourth quarter of 2026, subject to regulatory clearances and other closing conditions. Shionogi said it is reviewing the transaction’s impact on consolidated results for the fiscal year ending March 2027.
The asset is Aqneursa (levacetylleucine). The drug was approved by the FDA in September 2024 for neurological manifestations of Niemann-Pick disease type C in adults and children weighing at least 15 kilograms, and by the EMA in January 2026 for the same indication. On September 18, the FDA approved a supplemental application making Aqneursa the first and only drug approved for ataxia in ataxia-telangiectasia, also for patients of at least 15 kilograms; the EMA is reviewing that indication. The deal also brings clinical programs in Pompe disease, Fragile X syndrome, and Jordan’s syndrome, and a Phase 3 program for CACNA1A disorders.
The price is the story. IntraBio, founded in 2015 and privately held, reported net sales of about $67.9 million in 2025 against a $35.8 million net loss, all from Aqneursa, so Shionogi is paying roughly 29 times trailing sales. The timing is deliberate: the A-T approval landed 17 days before signing. It follows Shionogi’s April acquisition of global rights to edaravone, marketed as Radicava for ALS, for $2.5 billion plus a potential royalty. CEO Isao Teshirogi said in August that Shionogi was “actively pursuing” at least three acquisition opportunities and had “plenty of financial firepower.” Investors were less enthusiastic initially: Shionogi shares fell about 4.5 percent in Tokyo on Monday before recovering most of it Tuesday.