Japan's Takeda Pharmaceutical Co Ltd <4502.T> said on Monday it would acquire cancer drug maker Ariad Pharmaceuticals Inc in a deal valued at $5.20 billion.
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Under the deal, Takeda will pay $24 in cash for each Ariad share, a premium of about 75 percent to its Friday close.
The transaction, which has been approved unanimously by the boards of both companies, is expected to close by the end of February.
(Reporting by Natalie Grover in Bengaluru; Editing by Shounak Dasgupta)