Complex sentence: The Philosopher's Stone, that took his name from the legend of the real Philosopher's stone, able to transmute inexpensive materials into gold, is in Full Metal Alchemist a legendary item said to allow the holder to completely bypass the law of Equivalent Exchange.
Split into simpler sentences: The Philosopher's Stone from the anime Full Metal Alchemist, is based on the legend of the Philosopher's stone, able to transmute inexpensive materials into gold. In Full Metal Alchemist, it is a likewise legendary item said to allow the holder to completely bypass the law of Equivalent Exchange.