Otsuka Reaches $900M Deal For Oncology Drug Co. Astex

Law360, Los Angeles (September 4, 2013, 6:46 PM EDT) -- Japanese drugmaker Otsuka Holdings Co. Ltd. will buy California-based oncology drug developer Astex Pharmaceuticals Inc. for an estimated 90 billion yen ($900 million), according to a Wednesday report.

The acquisition is part of Otsuka's efforts to bolster its future earnings by focusing on potential cancer drugs, Nikkei reported.

Astex stock rose 23.8 percent, to $8.27 per share, on the Nasdaq on Wednesday.

The news comes roughly a month after Otsuka subsidiary Otsuka Techno Corp. said it and Nanjin Otsuka Techbond Techno Co. Ltd. would take an...
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