Covington & Burling has represented Tokyo-based Astellas Pharma on its $3 billion acquisition of U.S. drugmaker Audentes Therapeutics, which was advised by Fenwick & West.

According to Reuters, the acquisition marks the second biggest on record for Astellas after its 2010 purchase of OSI Pharmaceuticals Inc for $3.8 billion. Astellas expects the deal, which is subject to regulatory approval, including U.S. antitrust clearance, to close in the first quarter of 2020.

Reuters added that this sale was a push by Astellas Pharma to make genetic medicines a key area of growth. Gene therapies are one of the hottest areas of drug research and Astellas is offering $60 per share in cash for San Francisco-based Audentes.

Morgan Stanley and Centerview Partners are acting as financial advisors to Astellas and Audentes, respectively.

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