BOSTON (CBS) – A five year old local biotech will be getting a $200 million upfront payment as part of its sale to a large Japanese drug company.

Boston Biomedical of Norwood is being purchased by Dainippon Sumitomo Pharma, in a deal that could ultimately be worth more than $700 million.

Boston Biomedical founder and CEO Chiang Li says his company is involved in cutting edge cancer research.

WBZ NewsRadio 1030′s Anthony Silva reports