Daiichi Sankyo To Buy Ambit Biosciences For $15/Shr Cash - Quick Facts

(RTTNews) - Daiichi Sankyo Company Ltd. (DSKYF.PK) has agreed to buy all outstanding common shares of Ambit Biosciences (AMBI) for $15 per share cash through a tender offer followed by a merger with Daiichi Sankyo's unit, or approximately $315 million on a fully diluted basis. Further to the upfront cash payment, each Ambit Biosciences stockholder would receive one Contingent Value Right, entitling the holder to receive an additional cash payment of up to $4.50 for each share they own if certain commercialization related milestones are achieved. The total transaction is worth up to $410 million on a fully diluted basis.

The lead Ambit Biosciences drug candidate, quizartinib, is now in phase 3 studies among patients with acute myeloid leukemia (AML), who express a genetic mutation in FLT3 and who are refractory to or relapsed after first-line treatment with or without hematopoietic stem cell transplantation (HSCT) consolidation. AML patients with the FLT3 mutation tend to have a poorer prognosis than those whose cancers are FLT3 negative.

Ambit Biosciences board of directors has unanimously approved the acquisition.