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Celgene to Buy Receptos for $7.2 Billion


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Celgene to Buy Receptos for $7.2 Billion

 

Date: 15/07/2015


Cancer-drug company Celgene Corp. on said it will pay $7.2 billion for ReceptosInc. in a bid to move deeper into the multibillion-dollar market for autoimmune diseases.

Under the terms, Celgene will pay $232 a share for Receptos, a 12% premium to Tuesday’s closing price. Receptos stock, which traded at $107.22 a share in late January, had risen in recent months amid takeover speculation.

Celgene, which expects the deal to close in the third quarter, has been trying to diversify beyond its foothold in drugs treating multiple myeloma. About 65% of its $7.6 billion in 2014 total product sales came from just one of these drugs, Revlimid. But such blood-cancer drugs are aging and rivals are challenging patents.

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Source: Wall Street Journal 

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