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Japanese drug-maker Daiichi Sankyo Company has said it will buy US-based pharmaceutical firm Plexxikon Inc for $805 million.
In a statement, Daiichi said, “It has concluded an agreement to acquire Plexxikon Inc, a privately held pharmaceutical company.”
The acquisition will help the Japanese firm obtain certain co-promotion rights in the US for late-stage cancer drug PLX4032, which is being jointly developed by Plexxikon and Roche.
Daiichi, which holds a majority stake in India’s Ranbaxy, said the purchase price for Plexxikon is approximately $805 million on a debt-free basis and will be internally funded.
In addition, Daiichi will make additional payments totalling about $130 million based on near-term launch milestones with respect to the PLX4032 drug.
“The acquisition of Plexxikon is consistent with the Daiichi Sankyo commitment to address diverse unmet medical needs, including personalising medicine to maximise patient benefits,” Daiichi said.
The acquisition is subject to anti-trust approval in the US.
Ranbaxy became a part of the Daiichi Sankyo Group in 2008 after Daiichi bought a majority stake for Rs 22,000 crore.
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