Japanese pharmaceutical company Daiichi Sankyo Co. announced Monday it had agreed to acquire US company Ambit Biosciences for $410 million.
The company said the move was a bid to establish its presence in the oncology field. Oncology is a branch in medicine that deals with tumors.
The Japanese company will need to spend $315 million to acquire all the stocks of Ambit Biosciences, a joint statement said. Sankyo President Joji Nakayama said in the statement that the move will ensure Sankyo will continue to provide innovative pharmaceuticals in areas that are unmet in terms of medical need.