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Lilly to buy Loxo Oncology in $8 billion cancer push

(Reuters) Eli Lilly and Co (LLY.N) said on Monday it would buy Loxo Oncology Inc (LOXO.O) for about $8 billion in cash, making its biggest bet on a cancer therapy market expected to be worth several billions of dollars. The deal follows Bristol-Myers Squibb Co (BMY.N) agreement last week to buy Celgene Corp (CELG.O) for $74 billion, and gives Lilly access to Loxo’s portfolio of targeted medicines that treat cancers