STAMFORD, Conn. (AP) — Eli Lilly is buying Loxo Oncology for about $8 billion, broadening its lineup of cancer treatments.

Loxo Oncology Inc., based in Stamford, Connecticut, is a biopharmaceutical company focused on the development and commercialization of medicines for patients with genomically defined cancers.

Eli Lilly and Co. said Monday that it will pay $235 for each Loxo share. That’s a 68 percent premium to the company’s Friday closing price of $139.87.

The deal is expected to close by the end of the first quarter.

Shares of Eli Lilly, based in Indianapolis, fell 2.7 percent in Monday premarket trading.