Irvine-based IDM Pharma Inc., a cancer drug maker, said Monday that it was being bought by Japan? Takeda Pharmaceutical Co. for $67 million.
Takeda? offer is a 55% premium over what IDM closed at on Friday. IDM? shares rose 54% with a market value of $66 million at close of trading.
IDM and Takeda said they expect the deal to close in July.
Takeda said it was buying IDM to boost its cancer business. With the deal, Takeda gains Mepact, a drug to treat bone cancer in children, teens and young adults that is approved in Europe.
IDM also has other drugs in development, including treatments for bladder and skin cancers.
