agreed to acquire cancer-drug maker
in a deal worth $8.8 billion.
According to the terms of the pact, Takeda will pay $25 for each of Millennium's shares. That's a premium of more than 50% to the stock's prior close at $16.35.
Millennium, based in Cambridge, Mass., is best known for the cancer drug Velcade. Last year, the company had revenue of approximately $528 million.
The transaction was approved by the boards of both companies.
This article was written by a staff member of TheStreet.com.