Japanese Pharmaceutical Co. Buys Syrrx for $270M

Japanese company Takeda Pharmaceuticals has purchased San Diego-based drug discovery firm Syrrx for $270M. Syrrx is developing small molecule drugs targeted at cancer and diabetes, using high-throughput screening, combinatorial and medicinal chemistry, along with computational methods. The all-cash deal helps expand Takeda's drug lineup with several drugs in both early clinical trials and preclinical trial stages. Syrrx is backed by PPD Inc and received a $25M round of funding in November of 2003.