Under the terms of the definitive merger agreement, Ono will acquire all available shares of Deciphera for $25.60 per share in cash. Deciphera will continue to operate as a wholly owned subsidiary of Ono.

With this deal, Ono acquires ownership of Qinlock (ripretinib), an already approved cancer therapy, as well as another drug candidate that is currently in Phase 3 trials. Qinlock, a KIT inhibitor, is approved in over 40 countries for the treatment of fourth-line gastrointestinal stromal tumor.

The closing of the proposed deal is subject to customary closing conditions, including US antitrust clearance and the tender of a majority of Deciphera’s outstanding shares of common stock. The companies expect to complete the acquisition in the third quarter of 2024. The boards of directors of both companies have unanimously approved the acquisition.

Gyo Sagara, CEO of Ono, commented: “We expect that this acquisition of Deciphera will not only expand Ono’s targeted oncology portfolio, but also accelerate Ono’s business development in the United States and Europe, and strengthen kinase drug discovery research.”

Deciphera CEO Steven L. Hoerter added: “Deciphera and Ono share a deep commitment to improve the lives of people living with cancer, and the transaction announced today enables us to make even greater impact for patients. Together, we expect to advance and accelerate each organization’s important work through combined research and development capabilities and a global commercial footprint.”