SAN DIEGO, July 14, 2015 /PRNewswire/ -- Shareholder
rights attorneys at Robbins Arroyo LLP are investigating the
proposed acquisition of Receptos Inc. (NASDAQ: RCPT) by Celgene
Corporation (NASDAQ: CELG). On July
14, 2015, the two companies announced the signing of a
definitive merger agreement pursuant to which Celgene will acquire
Receptos. Under the terms of the agreement, Receptos
shareholders will receive $232.00 in
cash for each share of Receptos common stock.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/receptos-inc
Is the Proposed Acquisition Best for Receptos and Its
Shareholders?
Robbins Arroyo LLP's investigation focuses on whether the board
of directors at Receptos is undertaking a fair process to obtain
maximum value and adequately compensate its shareholders.
As an initial matter, the $232.00
merger consideration represents a premium of only 17.3% based on
Receptos's closing price on July 7,
2015. This premium is significantly below the average
one-week premium of nearly 76.4% for comparable transactions within
the past three years. Further, the $232.00 merger consideration is significantly
below the target price of $348.00 set
by an analyst at Wedbush on June 16,
2015.
On May 5, 2015, Receptos, a
biopharmaceutical company developing therapeutic candidates for the
treatment of immune and metabolic diseases, provided many positive
development program updates in its first quarter 2015 earnings
release. The company noted positive induction and maintenance
periods of the TOUCHSTONE Phase 2 trial of ozanimod in patients
with moderately-to-severely active ulcerative colitis, and on that
basis plans to initiate a Phase 3 program. Receptos also indicated
it is well-capitalized with over $640
million in cash and investments as of March 31, 2015. In commenting on these results,
Receptos Chief Executive Officer Faheem
Hasnain remarked, "With the recently announced positive
maintenance results of the TOUCHSTONE Phase 2 trial of ozanimod, we
are moving forward expeditiously with a full Phase 3 program in
ulcerative colitis as well as a Phase 2 trial in Crohn's disease.
We have a strong balance sheet and full ownership of the program,
and have confidence in our ability to execute on the development
plan for ozanimod in relapsing multiple sclerosis and inflammatory
bowel disease. We are also excited about the progress we are making
with RPC4046 in eosinophilic esophagitis and our pre-clinical oral
GLP-1 program."
In light of these facts, Robbins Arroyo LLP is examining
Receptos's board of directors' decision to sell the company now
rather than allow shareholders to continue to participate in the
company's continued success and future growth prospects.
Receptos shareholders have the option to file a class action
lawsuit to ensure the board of directors obtains the best possible
price for shareholders and the disclosure of material
information. Receptos shareholders interested in information
about their rights and potential remedies can contact attorney
Darnell R. Donahue at (800)
350-6003, ddonahue@robbinsarroyo.com, or via the shareholder
information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in
securities litigation and shareholder rights law. The law
firm represents individual and institutional investors in
shareholder derivative and securities class action lawsuits, and
has helped its clients realize more than $1
billion of value for themselves and the companies in which
they have invested.
Attorney Advertising. Past results do not guarantee a
similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
ddonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP