Ireland-based Jazz Pharmaceuticals will buy Celator Pharmaceuticals in a deal valued at about $1.5 billion, to gain access to Celator's investigational product in development for treating acute myeloid leukemia.

Jazz Pharmaceuticals will pay $30.25 per share in cash for Celator, the companies said in a statement on Tuesday.

The deal represents a 72.6 percent premium to Celator's closing price on Friday.  - Reuters