Sumitomo Dainippon Pharma Oncology Announces Its Formation Through Merger of Tolero and Boston Biomedical

CAMBRIDGE, Mass., July 1, 2020 /PRNewswire/ -- Sumitomo Dainippon Pharma Oncology, Inc. was formed today through the merger of Tolero Pharmaceuticals, Inc., and Boston Biomedical, Inc., two clinical-stage companies developing novel cancer therapeutics based in the U.S. and wholly owned subsidiaries of Sumitomo Dainippon Pharma Co., Ltd. This U.S. entity, together with the oncology research and development teams in Japan, DSP Cancer Institute and Oncology Clinical Development Unit, will collectively be known as Sumitomo Dainippon Pharma Oncology or SDP Oncology. 

Consolidation of the U.S. companies will combine both organizations' passion, resources and expertise to advance science and research with the goal of bringing cancer therapies to market more rapidly. Through scientific persistence and a commitment to discovery, SDP Oncology is focused on advancing a diverse and purposeful pipeline that aims to positively impact outcomes for patients with cancer. The company's areas of concentration will address unmet needs in oncology and encompass discovery research, external innovation, clinical development and commercialization.

"The merger of Tolero Pharmaceuticals and Boston Biomedical, and the formation of Sumitomo Dainippon Pharma Oncology, will help us achieve our vision of establishing oncology as a core driver of our business," said Hiroshi Nomura, Representative Director, Chief Executive Officer, Sumitomo Dainippon Pharma. "Over the last decade, these formerly separate organizations have expanded our oncology pipeline to include multiple advanced assets and early discovery programs. We look forward to furthering our commitment to oncology globally through the efforts of Sumitomo Dainippon Pharma Oncology."

Patricia S. Andrews has been appointed Chief Executive Officer and Global Head of Oncology. Andrews previously spent seven years at Boston Biomedical and served as Chief Executive Officer for the past three years. The global leadership team includes David Bearss, Ph.D., Chief Scientific Officer and Global Head of Research, Edgar Braendle, M.D., Ph.D., Chief Medical Officer and Global Head of Development, and Masashi Murata, Ph.D., Chief Strategy Officer, Global Strategy and Planning.

"The launch of this organization represents an exciting new beginning, bringing together distinct proficiencies and strengths from each geography into one collaborative team," said Patricia S. Andrews, CEO and Global Head of Oncology. "We operate in a unique position within the oncology landscape because we have the nimbleness of a small company combined with the support and resources of a global parent company. Working together, we strengthen our ability to embrace risks and bring forward meaningful cancer therapies that have the potential to truly advance the treatment landscape."

SDP Oncology's discovery, research and development programs will span multiple areas, including oncogenic pathways, survival mechanisms and novel protein interactions. The company's robust portfolio of preclinical and advanced-stage assets is currently being investigated in multiple solid tumors and hematologic malignancies, including metastatic colorectal cancer, glioblastoma, myelofibrosis and myelodysplastic syndrome. Augmenting this effort, SDP Oncology's Global Oncology External Innovation Hub enhances collaboration with external organizations, such as academia and venture capital, to propel meaningful research in drug discovery for oncology.

The establishment of SDP Oncology will foster collaboration between colleagues across geographies from Utah to Massachusetts to Japan, encouraging innovation focused on bringing forward breakthrough therapies.

For more information, visit www.SDPOncology.com.

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This press release contains "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995 regarding the research, development and commercialization of pharmaceutical products. The forward-looking statements in this press release are based on management's assumptions and beliefs in light of information presently available and involve both known and unknown risks and uncertainties. Any forward-looking statements set forth in this press release speak only as of the date of this press release. We do not undertake to update any of these forward-looking statements to reflect events or circumstances that occur after the date hereof. Information concerning pharmaceuticals (including compounds under development) contained within this material is not intended as advertising or medical advice.

SOURCE Sumitomo Dainippon Pharma Oncology