Japanese drugmaker Otsuka Holdings Co will buy Astex Pharmaceuticals Inc for about 90 billion yen ($900 million) to tap the cancer drugs the U.S. company is developing, the Nikkei said. (link.reuters.com/hed82v)
Shares of Astex, which has a market capitalization of $634.2 million as of Tuesday close, rose as much as 41 percent to a nine-year high of $9.39 on the Nasdaq.
Astex, whose only approved drug, Dacogen, treats a blood disorder called myelodysplastic syndromes, is developing drugs to treat prostate, lung and ovarian cancer.
Otsuka and Astex were not immediately available for comments.
($1 = 99.5350 Japanese yen)
(Reporting By Vrinda Manocha in Bangalore; Editing by Don Sebastian)