Celgene (CELG) announced late on Tuesday that it had acquired San Diego-based Receptos (RCPT) for $7.2 billion in cash. Under the terms of the purchase, Summit, N.J.-based Celgene will pay $232 a share in cash for Receptos, up nearly 12% from the target’s $207.18 closing price Tuesday. In paying a premium for Receptos, Celgene aims to enhance its inflammation and immunology portfolio, with hopes that it will diversify revenue and accelerate growth beginning in 2019. Along with the purchase of Receptos, Celgene will gain its Phase 3 inflammatory bowel disease and multiple sclerosis drug, Ozanimod. The oral drug is expected to build upon Celgene’s growing expertise in inflammatory bowel disease. Celgene will acquire all outstanding shares of common stock in Receptos through a tender offer, followed by a second-step merger.
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