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AstraZeneca should bag Receptos analyst says, but others are circling

Jun. 09, 2015 11:54 AM ETAstraZeneca PLC (AZN) StockCELG, GILD, TEVA, AZNBy: Douglas W. House, SA News Editor24 Comments
  • Proactiveinvestors' Philip Waller says if AstraZeneca (AZN -1.1%) doesn't get serious it will miss out on an attractive acquisition candidate that would boost its pipeline, something it needs to do if it hopes to achieve its previously announced goal of $45B in revenues by 2023.
  • The target is San Diego, CA-based Receptos (RCPT +0.3%), a clinical stage biopharmaceutical firm with two promising drugs in development: RPC1063 for relapsing multiple sclerosis and inflammatory bowel disorders and RPC4046 for eosinophilic esophagitis.
  • The company has already approached Receptos about a $200 per share bid but it was rejected as were higher bids of ~$280 per share from (TEVA -0.3%) and Gilead Sciences (GILD +1.2%). Receptos is reportedly holding out for $350 per share which would value it at ~$11B or a 124% premium to its current valuation.
  • An AZN spokesperson says, "We wouldn't comment on market rumour or speculation."

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