U.S.-based pharmaceutical company Eli Lilly & Co. plans to acquire cancer drug developer Loxo Oncology Inc. in a deal valued at $8 billion.

Eli Lilly & Co. will pay Loxo Oncology $235 a share, representing a 68 percent premium.

The company said it will complete the transaction by the end of this first quarter.

In 2017, Eli Lilly booked $22.9 billion in revenue.