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Baxalta in talks to buy Drug Maker Ariad

Baxalta Inc, a drugmaker, is in talks to acquire Ariad Pharmaceuticals Inc in hopes of boosting its oncology business.

Ariad is a developer of leukemia and lung cancer treatments, but there is no certainty a deal will be reached. Shares for the firm rose 43% to $10 in afternoon trading. Shares for Baxalta dropped 4% to $34.86.

Baxalta is currently being courted by drugmaker Shire PLC who has made a $30 billion bid for the company.