Daiichi to acquire Plexxikon

Daiichi Sankyo Co. Ltd. (Tokyo:4568; Osaka:4568) will acquire Plexxikon Inc. (Berkeley, Calif.) for $805 million in cash, plus up to $130 million in milestones related to the approval of Plexxikon's melanoma candidate PLX4032 ( RG7204). Daiichi, which will gain co-promotion rights to the product in the U.S., said the acquisition will help build its cancer franchise. Plexxikon's partner, Roche (SIX:ROG; OTCQX:RHHBY), has exclusive, worldwide rights to the product, while Plexxikon has co-promotion rights in the U.S. ...