Servier to Buy Day One for $2.5 Billion to Expand in Cancer (1)

French drugmaker Servier agreed to buy US biotech Day One Biopharmaceuticals Inc. for about $2.5 billion in cash to expand its portfolio of treatments for rare cancers.

Servier will pay $21.50 a share for Day One in a deal that’s expected to close in the second quarter, the companies said on Friday. That’s a 68% premium to Day One’s closing price on Thursday.

Servier is seeking to become a leading developer of treatments for rare types of tumors, part of its 2030 strategy. The company, which is governed by a foundation, cited Day One’s portfolio of experimental medicines that spans ...