AstraZeneca signs major cancer drug deal

British pharmaceutical giant AstraZeneca has signed a deal with Japanese firm Daiichi Sankyo to help develop and sell the cancer drug trastuzumab deruxtecan.

The deal could see AstraZeneca pay as much as £5.3bn to Daiichi Sankyo, with an initial upfront payment of £1.35bn to the Japanese firm.

The two companies will share the costs of developing and commercialising the drug worldwide, and Daiichi will own the exclusive rights to the medication in Japan.

Daiichi Sankyo's shares rose 15.9% on the news to 5,100 yen.

AstraZeneca is raising up to $3.5bn (£2.6bn) through a share placing to help fund the deal.

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