Melanoma drug developer Plexxikon to be sold for $805M to Daiichi Sankyo

Drug company Plexxikon Inc. will be bought by Daiichi Sankyo Co. for $805 million and possible milestone payments of $130 million more.

Berkeley-based Plexxikon has a melanoma drug in late stage clinical development. It’s developing that drug, PLX4032, with partner Roche, which owns South San Francisco-based Genentech. Genentech made a deal to promote the drug with Plexxikon last year and will keep that agreement with Daiichi Sankyo if this merger goes through.