Dainippon To Pay Up To $2.6B For Cancer Drug Developer

Law360, New York (February 29, 2012, 12:03 PM EST) -- Dainippon Sumitomo Pharma Co. Ltd. has struck a deal to buy Boston Biomedical Inc., a developer of promising cancer stem cell anti-tumor drugs, for $200 million up front plus milestone payments that could top $2.4 billion, for a total of $2.6 billion, the Japanese buyer said Wednesday.

The Osaka-based pharmaceutical company said it hoped to commercialize two of Boston Biomedical's compounds — called BBI608 and BBI503 — as early as 2015.

Dainippon Sumitomo will make development milestone payments of up to $540 million related to the...
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