Ambit Biosciences to be bought by Japan's Daiichi Sankyo

Ambit Biosciences Corp (NASDAQ: AMBI), a U.S.-based biopharmaceutical company with an early history in Canada, has agreed to be acquired by Japan's Daiichi Sankyo Co Ltd in a transaction valued at US$410 million. Focused on the discovery and development of treatments for unmet medical needs in oncology, autoimmune and inflammatory diseases, Ambit was venture-backed before it went public in 2013. Among its backers was Canadian venture capital firm GrowthWorks, which first invested in 2004 when the company was engaged in research and development activity in its Toronto office.

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