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Max Nisen

Takeda Takes the Hard Road

It pays up for a target with pricing controversy and a risky pipeline.

After watching its major stock index fall 21.7 percent in 2016, biotech both needs and expects some optimism-building deal action at the J.P. Morgan Healthcare Conference, which began on Monday in San Francisco. 

But Takeda Pharmaceutical Co. Ltd.'s purchase of cancer drugmaker Ariad Pharmaceuticals Inc. for about $4.66 billion -- at a 75 percent premium to Ariad's Friday share price, according to Monday's announcement -- was an unexpected kick-off.