Starting in 2006, Eisai Co. Ltd. set its sights on becoming a major presence in cancer. The move to elevate cancer, with little commercial experience in the area, to a core therapeutic focus was motivated by the impending loss of exclusivity of two key products: Aricept (donepezil) in 2010 and Aciphex (rabeprazole) a few years later. Oncology was where advancing science and unmet medical need were pointing. The decision led to Eisai’s grandest foray into M&A. Credit Suisse analyst Fumiyoshi Sakai says that Eisai was the first Japanese company to invest in an oncology franchise outside of Japan.
In quick succession, it acquired Ligand Pharmaceuticals Inc.’s line of cancer products in 2006 [See Deal], followed by Morphotek Inc. in 2007 [See Deal]...
