Celgene Is Paying $9 Billion for Juno Therapeutics in Blockbuster Cancer Drug Deal [Fortune]
JUNO THERAPEUTICS (JUNO)
Last juno therapeutics earnings: 11/1 04:05 pm
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Source: Fortune
Celgene Corp. agreed to buy Juno Therapeutics Inc. for about $9 billion, one of its largest deals ever, in a bid to expand in the increasingly competitive landscape of cutting-edge cancer treatments. With Juno, Celgene will gain research into a novel class of therapies known as CAR-T that use the body’s own immune system to fight cancer. The Summit, New Jersey-based company will pay $87 a share in cash, according to a statement Monday. That’s 91 percent above Juno’s closing price Jan. 16, the last trading day before the Wall Street Journal reported the companies were in talks. Celgene is doubling down on cancer drugs after suffering a major setback last year that sent its market value tumbling. The company’s top-selling blood cancer drug, Revlimid, is expected to face competition in about four years, and the failure of a high-profile experimental candidate for Crohn’s disease in a late-stage trial in October heightened the pressure to find new drivers for long-term growth.
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