In a recent medical development, Japan's top ranked drug maker Astellas Pharma Inc., will be paying a whopping $765 Million to acquire global rights to develop, manufacture and market an experimental medicine for prostate cancer.

Under the deal, San Francisco's Medivation Inc,., will be paid an upfront amount of $110 Million by Astellas, and the remaining $655 Million will be paid by Tokyo's giant drugmaker as and when the drug's development and sales goals are met.

The drug for which Astellas has purchased rights is for possible treatment of prostate cancer, currently the second-most common form of cancer attacking men across the nation, after skin-cancer. As reported by the American Cancer Society, nearly 2 million cases of prostate cancer cases are reported in the US every year. The medicine is reportedly in its last stages of clinical tests and is currently being tested on patients who have stopped responding to the current drugs and treatment methods used.

"This partnership is a significant milestone to further expand our business in urology and to establish our franchise in oncology", Astellas Chief Executive Officer Masafumi Nogimori shared. It was also revealed that both American and Japanese firms will share costs of development, testing and marketing, and profits will be shared as well. In addition, Astellas will pay Medication royalties for overseas sales.