The Financial Times on
Wednesday reported that Johnson & Johnson is close to buying cancer drug
maker Pharmacyclics Inc in the coming days.
A bid from J&J is expected to value Pharmacyclics near its $17.5 billion market value or at a premium, FT said. Shares of Pharmacyclics, which markets blood cancer drug Imbruvica with J&J's Janssen unit, increased about 3 percent in extended trading.
Pharmacyclics has earlier said that sales of Imbruvica, which has U.S. approvals for four forms of blood cancer, are expected to touch $1 billion in the United States this year.