Baxalta in deal to expand immuno-oncology business

(Reuters) – Drugmaker Baxalta Inc has signed a deal with privately held Symphogen under which the companies will develop immuno-oncology drugs to treat rare cancers. The deal with Symphogen comes as Baxalta approaches the final stages of negotiating a potential sale to rare diseases drugmaker Shire Pharmaceuticals. It would include a cash component of about $20 per share, with the rest of it paid in Shire stock, said the sources, asking not to be identified because the negotiations are confidential.

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Baxalta in deal to expand immuno-oncology business