Japanese pharmaceuticals company Sumitomo has acquired an 8% stake in Cytel Corporation in the USA, the latter being a bioventure business company with which it has collaborative deals. The stake Sumitomo has taken is worth $5 million.
The two companies entered into a collaborative agreement in 1991 focussing on research into white blood cell diseases and cancer. The collaborative research has resulted in a new candidate drug, cylexin, reports Pharma Japan. It is Sumitomo's second new candidate drug.
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