By Kosaku NariokaDaiichi Sankyo shares rose sharply after the Japanese drugmaker announced a multibillion dollar deal with Merck to jointly develop and commercialize three cancer drug candidates. Daiichi Sankyo said Friday that it would receive $4 billion upfront from the U.S. drugmaker and $1.5 billion additionally over the next two years as part of the agreement. The Japanese company could also receive up to $16.5 billion if future sales milestones are achieved. The three drug candidates -- patritumab deruxtecan, ifinatamab deruxtecan and raludotatug deruxtecan -- are in various stages of clinical development. Daiichi Sankyo said it would announce the impact of the Merck deal on its earnings at an appropriate time in the future.

Source: Wall Street Journal October 20, 2023 10:52 UTC