Boston Biomedical, Dainippon Sumitomo deal

Dainippon will acquire cancer stem cell company Boston Biomedical for $200 million up front, plus up to $540 million in development milestones and up to $1.9 billion in sales milestones. Dainippon will gain BBI608 and BBI503, both of which are oral small molecules that target cancer stem cells. BBI608 is slated to begin Phase III testing next half in North America for colorectal cancer and is in Phase II and Phase Ib testing for various solid tumors. BBI503 is in Phase I testing in North America for advanced solid tumors. Boston Biomedical was represented by Mintz Levin and Cooley. The deal was approved by both boards. ...