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Daiichi Sankyo to Buy Plexxikon for Up To $935 Million

Daiichi Sankyo Co., Japan’s third-largest drugmaker, agreed to buy Plexxikon Inc. for as much as $935 million, accelerating its expansion into cancer medicines.

Shareholders of Plexxikon, a closely held company based in Berkeley, California, will receive a one-time payment of about $805 million and as much as $130 million when its most advanced drug, PLX4032 for melanoma, reaches the market, Daiichi said in a statement today. The acquisition will be internally funded, the Tokyo-based company said.