Celgene Corp., a US cancer drug maker, has agreed to acquire California-based Receptos Inc. in a deal worth US$7.2 billion.
Celgene will pay US$232 a share in cash for the acquisition which is expected to close in the current quarter, Bloomberg News reported.
The deal will give Celgene a drug, ozanimod, that is in late stage development for treatment of inflammatory bowel disease and multiple sclerosis.
Receptos, based in San Diego, went public in May 2013, at US$14 a share.
So the acquisition represents a more than 16-fold return in just over two years, the report noted.
“The Receptos acquisition provides a transformational opportunity for Celgene to impact multiple therapeutic areas,” Reuters quoted Celgene CEO Bob Hugin as saying on a conference call Tuesday.
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