ENLARGE Jazz Pharmaceuticals is nearing a deal to buy Celator Pharmaceuticals. Photo: Zuma PressJazz Pharmaceuticals JAZZ -0.45 % PLC is nearing a deal to buy Celator Pharmaceuticals Inc. CPXX 0.17 % for about $1.5 billion, a large premium for a company with a promising leukemia drug but no revenue. Two weeks ago, Pfizer PFE 0.52 % Inc. struck a $4.5 billion deal to buy Anacor Pharmaceuticals Inc., ANAC -0.64 % which is seeking approval from the FDA for an eczema treatment. Less than three months ago, Celator announced positive results for a clinical trial of a leukemia drug. Jazz has a market value of about $9 billion and had nearly $1 billon in cash as of March 31.

Source: Wall Street Journal May 31, 2016 02:09 UTC