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Celgene buying Receptos for $7.2B

July 15, 2015 1:07 AM UTC

Celgene Corp. (NASDAQ:CELG) will acquire Receptos Inc. (NASDAQ:RCPT) for $232 per share in cash, or $7.2 billion net of Receptos' cash. The price represents a 12% premium to Receptos' Tuesday close and a 45% premium to its close of $160.44 on June 9 before acquisition rumors began to circulate.

Celgene said the acquisition will bolster its inflammation and immunology portfolio with the addition of ozanimod, a selective sphingosine-1-phosphate receptor 1 ( S1PR1; S1P1; EDG1) modulator that is in Phase III testing to treat relapsing multiple sclerosis (MS) and ulcerative colitis (UC). MS data are expected in 2017 and UC data are expected in 2018. ...