Ono Pharmaceutical to acquire Deciphera Pharma, maker of cancer drugs, for $2.4 billion

Ono Pharmaceutical of Japan said Monday it will acquire Deciphera Pharmaceuticals, a Boston-based maker of cancer drugs, for $2.4 billion. 

The all-cash deal values Diciphera at $25.60 per share, or a 75% premium to its Friday closing stock price.

Deciphera markets a drug called Qinlock for patients with advanced gastrointestinal stromal tumors, or GIST, a type of cancer that begins in the digestive system. Sales last year were $160 million. The company is developing a second drug to treat tenosynovial giant cell tumor, with regulatory filings in the U.S. and Europe expected this year. 

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