Astellas and Ambit to End Collaboration for Joint Development and Commercialization of FLT3 Kinase Inhibitors

      Astellas and Ambit to End Collaboration for Joint Development and
                 Commercialization of FLT3 Kinase Inhibitors

PR Newswire

TOKYO and SAN DIEGO, March 12, 2013

TOKYO and SAN DIEGO, March 12, 2013 /PRNewswire/ --Astellas Pharma Inc.
(Astellas) (Tokyo: 4503) and Ambit Biosciences Corporation today announced the
companies will end their collaboration for the joint development and
commercialization of FMS-like tyrosine kinase-3 (FLT3) inhibitors, including
quizartinib, effective September 3, 2013. Astellas has exercised its right to
terminate the worldwide license agreement signed in 2009, and over the months
ahead the companies will work together to transfer current development
activities to Ambit. Upon the effective date of termination, Ambit will regain
all rights granted to Astellas and continue with the quizartinib clinical
trial program.

"While our decision is based on strategic reasons, we are proud of our
collaborative work with Ambit, and we are committed to working with Ambit on a
smooth transition," said Yoshihiko Hatanaka, President and CEO of Astellas.
"We remain committed to the field of Oncology as a major area of focus for the
company and will continue to pursue our goal of becoming a Global Category
Leader in Oncology."

Michael Martino, President and CEO of Ambit, said, "With the Phase 2 study
results for quizartinib that were presented at the ASH Annual Meeting last
December, we and members of the medical community continue to be excited about
quizartinib and its potential to meet a significant, unmet need in acute
myeloid leukemia (AML) patients. We are fully committed to moving forward with
the Phase 3 clinical trial plan and look forward to advancing this important
drug candidate toward approval."

About Quizartinib

Quizartinib (AC220) is a novel, potent, highly selective, orally bioavailable
FMS-like tyrosine kinase-3 (FLT3) inhibitor currently under evaluation in a
Phase 2b clinical trial as monotherapy treatment for adult patients with
relapsed or refractory AML, and in two Phase 1 studies in a combination
treatment regimen with chemotherapy, and as a maintenance therapy following
transplant, respectively.

About Astellas

Astellas Pharma Inc., located in Tokyo, Japan, is a pharmaceutical company
dedicated to improving the health of people around the world through the
provision of innovative and reliable pharmaceuticals. Astellas has
approximately 17,000 employees worldwide. The organization is committed to
becoming a global category leader in Urology; Immunology including
Transplantation and Infectious Diseases; Oncology; Neuroscience; and DM
Complications and Kidney Diseases. For more information on Astellas Pharma
Inc., please visit the company website at

About Ambit Biosciences

Ambit is a privately held biopharmaceutical company focused on the discovery,
development and commercialization of drugs to treat unmet medical needs in
oncology, autoimmune and inflammatory diseases by inhibiting kinases that are
important drivers for those diseases. Ambit's lead drug candidate, quizartinib
(AC220), is a once-daily, orally-administered potent and selective, inhibitor
of FMS-like tyrosine kinase-3 (FLT3) and is currently under clinical
development in patients with relapsed/refractory acute myeloid leukemia (AML)
and in newly diagnosed AML patients in combination with chemotherapy as well
as maintenance following a hematopoietic stem cell transplantation (HSCT). In
addition to quizartinib, Ambit's clinical pipeline includes AC410, an oral
JAK2 inhibitor, and CEP-32496, a BRAF inhibitor licensed to Teva
Pharmaceutical Industries Ltd. Ambit's preclinical portfolio includes a
proprietary CSF1R inhibitor program.

Ambit Contact:                 Astellas
David Schull                  Corporate Communications
Russo Partners                 TEL: +81-3-3244-3201, FAX: +81-3-5201-7473
TEL: 212-845-4271  

SOURCE Ambit Biosciences Corporation

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