On December 22, 2025, Shionogi & Co., Ltd. announced a definitive agreement to acquire all global rights to RADICAVA (edaravone), including both the oral suspension (RADICAVA ORS) and IV formulations, from Tanabe Pharma Corporation for a lump sum payment of US$2.5 billion (approximately C$3.5 billion), with additional royalties payable on future sales subject to certain conditions. The transaction was completed on April 2, 2026, with all intellectual property and sales rights in major countries and regions transferred to Shionogi, establishing it as a commercially active rare disease company. RADICAVA is one of the few approved treatments for amyotrophic lateral sclerosis (ALS), a progressive and fatal neurodegenerative disease, and has been used to treat over 22,000 patients in the United States with over 2.8 million days of therapy. The transaction is expected to be immediately accretive in fiscal year 2026, adding approximately US$700 million (approximately C$973 million) in annual global sales. As part of the acquisition, more than 100 team members from Tanabe Pharma America joined Shionogi, and a new wholly owned U.S. subsidiary, RADIANCE NEWCO, LLC, was established to operate the RADICAVA business. Centerview Partners LLC served as lead financial advisor and Ropes & Gray LLP as legal counsel to Tanabe Pharma Corporation, with Fasken advising Tanabe Pharma on Canadian regulatory matters with a team led by Tim Squire and including Ingrid VanderElst. Cleary Gottlieb Steen & Hamilton LLP served as legal advisor to Shionogi. Goldman Sachs also provided financial advice to Tanabe Pharma, with Bank of America serving as financial advisor to Bain Capital.