Acquisitions · Pharmaceuticals (oncology)
Sumitomo Dainippon to buy Utah cancer drug developer Tolero for up to $780 million
- Buyer
- Sumitomo Dainippon Pharma (via its US holding company) (Osaka)
- Target
- Tolero Pharmaceuticals, Lehi, Utah
- Value
- $200M upfront; up to $780M with milestones (up to about ¥91.9B)
- Status
- Agreed on December 21, 2016; completion was planned for February 2017.
- Date
- 2016-12-21
Sumitomo Dainippon Pharma agreed to buy Tolero Pharmaceuticals, a cancer drug developer based in Lehi, Utah, through its US holding company. It will pay $200 million upfront and up to $780 million in total with milestone payments.
Why it matters
The deal adds cancer drug candidates as Sumitomo Dainippon prepares for the end of exclusivity on its main US product, the antipsychotic Latuda.
Sources
Kakehashi M&A News home
