Sumitomo Dainippon Pharma has entered into an agreement to acquire US biotech, Tolero Pharmaceuticals, for up to US$780 M. The acquisition will diversify Sumitomo Dainippon Pharma’s portfolio with the inclusion of Tolero’s lead candidate alvocidib, a cyclin-dependent kinase (CDK) inhibitor, which has recently completed Phase II trials in acute myeloid leukaemia, as well as a number of other candidates in early stage development.