Cancer-drug company Celgene Corp. on Tuesday said it will pay $7.2 billion for Receptos Inc. moving into the multibillion-dollar market of autoimmune disease treatments and medications.
Celgene has been attempting diversify. Some $7.6 billion dollars from 2014 came from their medication Revlimid.
Last year, Celgene received FDA approval for their medication Otezla for psoriasis.
“We’re creating a complementary portfolio,” Celgene CEO Robert Hugin said in a conference call with analysts reviewing the deal. He also remarked Ozanimod will help Celgene “really build a major franchise.”
Ozanimod is a treatment therapy presently in Stage III clinical trial for patients with Relapsing Remitting Multiple Sclerosis (RRMS) that is to be taken orally once per day.
About $5 billion in bonds in August to finance the transaction. Receptos has $600 million in cash, Celgene said.
CELGENE HAS COMPLETED ITS ACQUISITION OF RECEPTOS.
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