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Israeli pharmaceutical company bought for $1.1B by Mitsubishi Tanabe Pharma

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Joel Saget (AFP/Archives)

Israeli pharmaceutical company Neuroderm has been bought out in a massive deal for $1.1 billion by Japan's Mitsubishi Tanabe Pharma Corp, the company announced on Monday.

The all-cash deal will expand the company's business overseas, according to Reuters.

NeuroDerm develops drugs and medical devices for central nervous system (CNS) disorders such as Parkinson's, in which it was the first to develop a key treatment currently used for the disease.

According to the company's website, they are a clinical-stage pharmaceutical company developing "next-generation treatments."

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