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Takeda Pharmaceutical

of Japan has agreed to acquire

IDM Pharma


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for $2.64 a share, or close to about $70 million.

The acquisition price represents a 55% premium to the closing price Friday of IDM Pharma of $1.70.

IDM Pharma recently received European marketing approval for Mepact, a therapy indicated for the treatment of non-metastatic osteosarcoma, or malignant bone cancer, in children, adolescents and young adults.