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CVR boosts Ambit in Daiichi Sankyo deal

September 30, 2014 2:30 AM UTC

Daiichi Sankyo Co. Ltd. (Tokyo:4568) will acquire Ambit Biosciences Corp. (NASDAQ:AMBI) for up to $410 million. The deal includes $315 million in upfront cash, or $15 per share, plus $95 million in commercial milestones in the form of a contingent value right (CVR) worth up to $4.50 per share.

Ambit closed up $7.14 (87%) to $15.34 on Monday's news. ...