Daiichi Sankyo finalises Plexxikon takeover

Daiichi Sankyo has completed its takeover of Plexxikon, a US-based specialist in new cancer therapies.

The closing of the $805 million (495.5 million pounds) transaction will give the company access to a number of new treatments, including Plexxikon's lead compound PLX4032, which has demonstrated efficacy against metastatic melanoma in a phase III trial.

Regulatory submissions for the new drug will be submitted by Plexxikon and its collaborative partner Roche later this year, with Daiichi Sankyo set to pay the firm up to $130 million in milestone fees based on the success of the product.

On announcing the acquisition last month, Daiichi Sankyo chief executive officer Joji Nakayama said the deal will "accelerate our entry into the oncology market".

Now that the takeover has been completed, Plexxikon has become an independent unit of Daiichi Sankyo.

This means that it will continue to retain its name and existing workforce, as well as control over its facilities in Berkeley, California.