Israeli pharmaceutical company NeuroDerm has been sold to Japanese pharmaceutical company Mitsubishi Tanabe Pharma in a deal worth $1.1 billion.

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NeuroDerm is an Israeli clinical-stage pharmaceutical company that develops treatments for central nervous system disorders.

NeruoDerm CEO Dr. Oded Lieberman

Assuming both regulatory approval and that of shareholders, a timetable for the acquisition will be finalized in the near future. NeuroDerm expects the deal to be completed in the four quarter of 2017.

"We believe the transaction will bring important benefits to shareholders of NeuroDerm and patients with Parkinson's disease who urgently need innovative treatments," said NeuroDerm CEO Dr. Oded Lieberman in a statement confirming the deal.

NeuroDerm is currently developing a new drug delivery method and concentrating on treatments for Parkinson's disease. The company is hoping to launch two new products in the coming two years, one low-dose drug aimed at replacing an oral delivery method and another high-dose drug aimed at replacing a surgical procedure for an implanted drug release device in patients.

The company is currently at the end of two phase 3 trials in the United States for a moderate and severe drug for Parkinson's disease, the results of which could be accepted this year. Additionally, NeuroDerm is also in a Phase 3 trial in Europe, which is expected in the second half of 2018.