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Otsuka in-licenses leukaemia biologic for USD 200m

Otsuka buys the North American rights to PDL Biopharma's leukaemia drug, IV Busulfex, for USD 200m in cash to boost its global cancer franchise

Privately held Japanese pharmaceutical company Otsuka has agreed to buy North American rights to US biopharmaceutical company PDL Biopharma's leukaemia drug, IV Busulfex, for USD 200m in cash to boost its global cancer franchise.

Otsuka and PDL will complete the transaction by March 2008, according to a joint statement release on 17 December. PDL's partners will keep the rights to sell the medicine outside of North America, according to the statement.

IV Busulfex is already sold in more than 40 countries, but Otsuka wants to develop the drug for wider use in the important US market.

PDL revealed in October 2007 that it would sell itself entirely or its key assets.

The financial advisor to Otsuka in the transaction was Montgomery & Co, while PDL was advised by Merrill Lynch & Co.

19th December 2007

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