Eli Lilly is set to acquire Loxo Oncology for approximately $8 billion.

Loxo develops drugs that target cancers that have genetic mutations that can be detected by genomic testing. By targeting the DNA fingerprint of a tumor, researchers aim to treat cancer no matter where in the body tumors are found. 

The company’s approach has already yielded one FDA-approved drug. In November, the U.S. regulator gave the nod to larotrectinib (Vitrakvi), a drug that treats cancers that have a mutation called a TRK fusion, which occurs in an estimated 1 percent of tumors.