Celgene to Buy Juno Therapeutics for $9 Billion -- Update
January 22 2018 - 6:59AM
Dow Jones News
By Cara Lombardo
Celgene Corp. on Monday said it agreed to buy Juno Therapeutics
Inc. for $87 a share in cash, or about $9 billion, in a move that
will expand Celgene's portfolio of blood-cancer drugs.
The Wall Street Journal reported last week the two companies
were in talks about a deal.
Juno shares jumped 27% in premarket trading.
The deal will add a lymphoma treatment, expected to gain
regulatory approval in 2019, to Celgene's portfolio.
Earlier this month, Celgene agreed to buy closely held Impact
Biomedicines. Celgene is to pay $1.1 billion upfront and could make
billions of dollars of additional payments if Impact hits certain
milestones.
Celgene, based in Summit, N.J., is one of the biggest U.S.
biotech companies. It is known for its blood-cancer drugs, notably
top-selling product Revlimid, but has been trying to diversify its
portfolio before Revlimid loses patent protection in the U.S.
Seattle-based Juno has a research and development facility in
Seattle and a manufacturing facility in Bothell, Wash.
The deal, which has been approved by both companies' boards, is
still subject to closing conditions. Celgene expects the
transaction to close in the first quarter.
Celgene said the deal doesn't change its 2020 financial targets
of net product sales of $19 billion to $20 billion and adjusted
earnings per share of more than $12.50.
Write to Cara Lombardo at cara.lombardo@wsj.com
(END) Dow Jones Newswires
January 22, 2018 07:44 ET (12:44 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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