Eisai  would buy US biotech firm MGI Pharma for $3.9bn in the largest ever overseas all-cash acquisition by a Japanese pharma company.

Eisai  would buy US biotech firm MGI Pharma for $3.9bn in the largest ever overseas all-cash acquisition by a Japanese pharma company. The deal would see it pay $41 per share, or a 38.7 percent premium to MGI Pharma's closing share price of $29.55. Eisai's expansion into the US market comes amid increasing mergers and acquisitions in the Japanese drugs sector in recent years.

Even Takeda, by far the largest drugs company in Japan, has a market capitalisation of about $55bn, much smaller than the $166.7bn of Pfizer, the world's largest pharma group.