Asian Tech Press (Nov 14) -- Japanese food and biotech firm Ajinomoto Co. announced on Monday a definitive agreement to buy U.S. gene therapy maker Forge Biologics Holdings LLC for $554 million (82.8 billion yen).

With the acquisition, Ajinomoto said it hopes to expand the company's global capabilities in the manufacture of adeno-associated virus (AAV) and and plasmid gene therapies.

The deal is due to close in the fourth quarter of this year, pending regulatory approvals.

Upon completion of the transaction, Forge will become a wholly-owned subsidiary of Ajinomoto North America Holdings Inc., a subsidiary of Ajinomoto in the U.S. state of New Jersey.

Forge Biologics is a U.S.-based genetic medicines maker that focuses on the development of AAV and plasmid-based gene therapy drugs.