Receptos jumps on acquisition rumors
Receptos Inc. (NASDAQ:RCPT) jumped $6.22 (23%) to $33.22 on Wednesday on rumors that Celgene Corp. (NASDAQ:CELG) and Teva Pharmaceutical Industries Ltd. (NYSE:TEVA) are making bids to acquire Receptos that would value the company at over $700 million. According to an Israeli newspaper, Eli Lilly and Co. (NYSE:LLY) had also been considering a bid for Receptos but was no longer interested. Celgene and Teva said they do not comment on rumors. Receptos and Lilly could not be reached for comment.
Receptos' most advanced product is RPC1063, a selective sphingosine-1-phosphate receptor 1 ( S1PR1; S1P1; EDG1) agonist that is in a Phase II/III trial to treat relapsing multiple sclerosis (MS), with data from the Phase II portion expected in mid-2014. Receptos raised $85 million in an IPO earlier this year that valued the company at $246.5 million. Prior to Wednesday's jump, the company was valued at $495.1 million (see BioCentury, July 15). ...