Japanese drug developer Takeda Pharmaceutical says it will pay $800 million upfront to buy the privately held U.S. gout treatment maker URL Pharma.
The deal also may include future performance-based payments. URL is headquartered in Philadelphia, and its lead product is Colcrys, which is used to treat gout flare-ups. The treatment brought in more than $430 million in revenue last year.
Gout is a painful condition that develops when excess uric acid crystallizes and builds up in joints and tendons, causing inflammation.
Takeda is Japan's largest drugmaker, but most of its sales come from the United States. Its product portfolio includes the diabetes treatment Actos, which loses patent protection later this year.
Takeda expects the URL deal to close within 60 days.