Daiichi Sankyo Ties Up with AstraZeneca on Cancer Drug
Tokyo, March 29 (Jiji Press)--Japan's Daiichi Sankyo Co. <4568> said Friday that it will tie up with British peer AstraZeneca over a cancer drug currently under development by the major Japanese drug maker.
They will jointly carry out clinical trials and sales, and equally split profits from the drug, called DS-8201.
For the deal, AstraZeneca will pay up to 6.9 billion dollars in total consideration to Daiichi Sankyo--1.35 billion dollars in upfront payment and up to 5.55 billion dollars contingent on achievement of future regulatory and sales milestones.
Daiichi Sankyo aims to boost its sales by joining hands with AstraZeneca, which has strength in cancer treatment and operates globally.
"This is a very impactful deal," Daiichi Sankyo Chairman Joji Nakayama said at a press conference in Tokyo, adding that it will provide momentum for his company's growth.
[Copyright The Jiji Press, Ltd.]