Hot on the heals of Plexxikon announcing positive interim data from a Phase III trial evaluating its lead oncology candidate, PLX4032, in patients with previously untreated BRAF-mutation-positive metastatic melanoma, the company has been acquired by Daiichi Sankyo in a deal worth $805 million.
As part of the acquisition deal, Daiichi Sankyo could pay another $130 million in near-term milestones, dependent on approval of PLX4032.
“With the acquisition of Plexxikon, we see an opportunity to accelerate the building of our oncology franchise, particularly with the opportunity to co-promote PLX4032,” comments Joji Nakayama, Daiichi Sankyo CEO. “We have been impressed by the productivity and quality of Plexxikon’s pipeline, as well as discovery and early development capabilities. We intend to provide a high degree of independence to the Plexxikon group to support their continuing success.”
Plexxikon is developing PLX4032 in partnership with Roche, and in January negotiated a co-promotion deal for the drug with the latter’s Genentech business. Under terms of this deal Plexxikon would provide a specialty sales force to co-promote PLX4032 in the U.S. The firm also agreed to reimburse Genentech for certain marketing and promotion costs related to the product in exchange for enhanced royalties on product sales.