Daiichi Sankyo to acquire German biotech firm for $235 million

23 May 2008

Japanese pharmaceutical company Daiichi Sankyo Co Ltd will acquire privately-held German biotechnology firm U3 Pharma AG for 150 million euros ($235 million).

Tokyo-based Daiichi Sankyo will acquire 100 per cent of U3 Pharma stock and make a one-time payment of 150 million Euros ($235 million) for the company.

 U3 Pharma AG was founded in 2001 by Professor Axel Ullrich of the Max Planck Institute of Biochemistry, whose pioneering gene technology-based  research led to the development of the oncology blockbusters Herceptin and Sutent.

Martinsried, Germany-based U3 Pharma focuses on research into antibodies for the treatment of cancer. The company currently employs 27 people, the majority of whom work directly in research and development.

The acquisition of U3 Pharma, with three monoclonal antibodies in development, will complement Daiichi Sankyo's oncology portfolio. The poducts under development include antibody treatments in breast, colon and lung cancers.

Daiichi Sankyo, Japan's third largest pharmaceutical company, is conducting Phase II trials of its oncologic agent to combat malignant neoplasms (CS-1008).
 
It has also commercial rights in Japan to market Amgen's denosumab (AMG 162), an osteoporosis/ bone metastases drug that is currently preparing for Phase III trials in the country.