TakedaTakeda Pharmaceutical Co Ltd, Japan’s largest drug maker, said it would buy U.S.-based IDM Pharma for $75 million, aiming to bolster its presence in the cancer drug market.

Takeda said it would pay $2.64 for each share of IDM Pharma, which recently received marketing approval in Europe for a drug to treat osteosarcoma, a rare and often fatal bone cancer typically found in children and young adults.

The per share offer is a 55 percent premium to IDM Pharma's last traded price of $1.70.

Takeda paid nearly $9 billion last year to acquire U.S. biotechnology firm Millennium Pharmaceuticals, adding blood cancer drug Velcade to its portfolio.

Takeda President Yasuchika Hasegawa said at the time that it wanted Takeda to become one of the world's top three oncology companies by 2020.