Sankyo to Buy Daiichi Pharma in $7.7 Billion Deal

Japanese drugmaker Sankyo Co. unveiled plans on Friday to buy Daiichi Pharmaceutical in October in a deal worth $7.7 billion, accelerating a shakeup in the world's second-largest pharmaceuticals market. Japan's drugmakers are under pressure to seek mergers and acquisitions (M&As) due to soaring development costs and the growing presence of larger Western rivals such as Pfizer.

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