Astellas Pharma Inc. has agreed to acquire Iota Biosciences Inc., a company developing ultra-small implantable bioelectronic medical devices, in a deal valued at up to $429 million. According to a merger agreement, Tokyo-based Astellas will make an initial payment of roughly $127.5 million for all outstanding equity not already held by Astellas. Iota shareholders will receive further payments of up to $176.5 million as Iota completes predetermined milestones. In addition, Astellas has agreed to spend a total of $125 million over the next five years to drive Iota’s growth. The deal is expected to close in the third quarter of Astellas’ fiscal year, which ends March 31, 2021.

Although the volume of med-tech deals and mergers and acquisitions in 2020 rival each of the last two years, the level of disclosed values has fallen far short of 2019 in both instances.

Medtronic plc management put an emphasis on being nimble and commercializing novel technology at its investor day this week, and analysts appeared to approve of the message. As Wells Fargo’s Larry Biegelsen noted, Dublin-based Medtronic is moving away from a centralized company that is focused on economic value and margin expansion to one that is more decentralized, emphasizing innovation and topline growth.

Eli Lilly and Co.’s definitive agreement to acquire privately held Disarm Therapeutics Inc. brings Cambridge, Mass.-based Disarm $135 million up front and as much as $1.225 billion in additional future payments for potential development, regulatory and commercial milestones if Lilly successfully develops and commercializes therapies tied to the agreement.

Privately held Dyno Therapeutics Inc., an early stage biotech company applying artificial intelligence to gene therapy, entered a collaboration and license agreement with Spark Therapeutics Inc. that could bring Dyno milestone payments exceeding $1.8 billion.

HONG KONG – Galmed Pharmaceuticals Ltd. has struck an agreement with Ascletis Pharma Inc.’s Gannex arm to develop a combination therapy comprising Ascletis’ ASC-41 and Galmed’s Aramchol (arachidyl amido cholanoic acid) for nonalcoholic steatohepatitis (NASH).

PERTH, Australia – Astrazeneca plc is leasing 175 Sozo devices from Impedimed Ltd. and plans to put them in 20 countries to run phase II trials for a combination drug that looks at fluid imbalance in the human body in patients with heart failure (HF) and chronic kidney disease.