Wires

Japan's Astellas Pharma to buy Audentes Therapeutics for $3 bln

Dec 2 (Reuters) - Japan's Astellas Pharma Inc said on Monday it had agreed to buy Audentes Therapeutics Inc for $2.7 billion in cash as it looks to bolster its position in the gene therapy market.

Astellas offer of $60 per share represents a 110% premium to Audentes closing price on Monday.

The deal is expected to close in the first quarter of 2020, the companies said in a statement. (Reporting by Dania Nadeem in Bengaluru; Editing by Anil D'Silva)