Celgene to buy Juno for $9 billion to boost CAR-T expertise [Reuters (UK)]
CELGENE (CELG)
Last celgene earnings: 10/31 07:30 am
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Source: Reuters
Celgene to buy Juno for $9 billion to boost CAR-T expertise | Reuters 3 Min Read (Reuters) - Celgene Corp announced a $9 billion cash buyout of Juno Therapeutics Inc on Monday as it moves to cement its position as a key player in a new range of cancer therapies. The offer of $87 per share for the 90 percent of Juno that Celgene does not own sent Juno’s stock soaring 27 percent to $86.31 in premarket trading. Shares of Celgene fell 1 percent to $101.60. The two companies said the deal, agreed by both boards, is expected to close in the first quarter of 2018. It adds Juno’s experimental JCAR017 treatment for a type of blood cancer to Celgene’s existing lymphoma program and is the company’s second purchase so far in 2018 as changes to U.S. taxes hand drugmakers more capital to spend on promising assets. Analysts say new treatments will help Celgene reduce its reliance on Revlimid, its top-selling cancer drug that accounts for more than 60 percent of its revenue. “Juno’s advanced cellular
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