Apr. 25, 2012Corporate
Dainippon Sumitomo Pharma Co., Ltd. Completes Acquisition of Boston Biomedical, Inc. (US Biotechnology Company)
Dainippon Sumitomo Pharma Co., Ltd (DSP) (Headquarters: Osaka, Japan; President: Masayo Tada) announced today that the company has completed its acquisition of Boston Biomedical, Inc. (BBI) (Headquarters: Norwood, MA, USA; Chairman, CEO and CMO: Chiang J. Li), and BBI is now a wholly owned subsidiary of DSP as of April 24, 2012 (U.S. time). The CEO of BBI is, as prior to the acquisition, Dr. Chiang J. Li.
Having BBI as a member of the DSP group, we now have an excellent drug discovery/development platform as well as an innovative late-phase pipeline in oncology. BBI will become the center of global oncology R&D for the DSP group under the leadership of Dr. Chiang J. Li. Subsequently, we plan to expand our presence in cancer treatment globally, aiming to make oncology one of our focus therapeutic areas next to CNS.
The outline of this acquisition is presented in the announcement "Dainippon Sumitomo Pharma Co., Ltd. to Acquire Boston Biomedical, Inc. (US Biotechnology Company)" made on February 29, 2012.
(Reference) : Outline of BBI
BBI is a biotechnology company focusing on R&D in the cancer stem cell area. BBI is developing BBI608 and BBI503, which have potential to become the first anticancer drugs in the world targeting cancer stem cells.