The boards of directors for both companies unanimously approved the transaction.
Officials expect to close the deal by the end of February.
“[The transaction has allowed] us to not only accelerate our mission to discover, develop and deliver precision therapies to patients with rare cancers, but also deliver meaningful value to our shareholders through a substantial cash premium,” said President and CEO of ARIAD Pharmaceuticals Paris Panayiotopoulos. “This exciting transaction is a testament to the hard work and dedication of ARIAD’s talented team of employees. We have tremendous respect for Takeda, and I believe our shared commitment to innovation and research-driven cultures will provide for a smooth transition.”
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