ARIAD Pharmaceuticals, Inc. (NASDAQ: ARIA) is up over 72 percent after the oncology company announced its being bought out by Takeda Pharmaceuticals. The deal involved Takeda buying Ariad for $24 per share in cash. The $5.2 billion deal is expected to close before the end of the month as both boards have signed the deal.
“This transaction is a great outcome for shareholders of Ariad and Takeda. Both Ariad and Takeda are passionate about helping cancer patients, and I believe the talent and resources of Takeda coupled with Ariad’s pipeline and people will accelerate the development of cancer treatments, Chairmain of Ariad, Alexander Denner stated in the announcement.
“The acquisition of Ariad is a unique opportunity that will enable us to positively impact the lives of more patients worldwide, advance our strategic priorities and generate attractive returns for our shareholders,” Takeda’s president and CEO, Christophe Weber said.