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SAN DIEGO - 02/07/05 - Japan's largest drug maker, Takeda Pharmaceutical Co., has said it will acquire Syrrx Inc., a privately held biotechnology company working on treatments for cancer and diabetes.
 
Takeda will reportedly buy San Diego-based Syrrx for about US$270 million in cash.  

The final acquisition cost will be set after due diligence on Syrrx's assets and liabilities and the purchase is expected to be completed sometime next month after regulatory approval.

According to press reports, the acquisition will give Takeda access to high-level talent and new medical research innovations. The Japanese company was also eager to have a research base in the US, which is the world's largest pharmaceutical market and a center for medical research.

Takeda has been trying to add new drugs to its product line in a bid to stay competitive and prepare for the patent expirations of older drugs.

Syrrx has diabetes drugs in the early clinical trial and preclinical trial stages. It has several compounds for cancer treatment in preclinical trial stages.

In a statement announcing the deal, Takeda said it will "respect Syrrx's independence as a research site."

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