Astex Therapeutics to be acquired by SuperGen

Astex Therapeutics is to be acquired by SuperGen, a pharmaceutical company specialising in the field of oncology research.

The deal has been valued at $120 million (73.58 million pounds) and will lead to the creation of a merged entity called Astex Pharmaceuticals, a new global leader in the cancer drug development field.

James Manuso, the current chairman, president and chief executive officer (CEO) of SuperGen, will become the chairman and CEO of the new-look company, while Astex head Harren Jhoti will act as president and as a member of the board.

Astex Pharmaceuticals will have operations in both the UK and US and partnerships with major healthcare firms such as GlaxoSmithKline, Eisai and Johnson and Johnson.

Mr Jhoti said: "Astex Pharmaceuticals will emerge with an industry-leading drug discovery platform that we believe will continue to generate a vibrant and growing research and development pipeline."

This month, Astex also announced the commencement of an early-stage clinical study for the potential cancer therapy AZD5363, which is being conducted in partnership with AstraZeneca.