Tue, Aug. 11, 8:47 AM
- The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) pertaining to Celgene's (NASDAQ:CELG) bid for Receptos (NASDAQ:RCPT) expired yesterday. This satisfies one of the conditions for the closing of the transaction, expected this quarter.
- Celgene's offer will expire at midnight ET on Monday, August 24, unless extended.
Wed, Jul. 15, 10:36 AM
- Celgene's (CELG +9.5%) $7.2B deal for Receptos (RCPT +10.3%) is “a great acquisition at a great price," Nomura analysts say, as ozanimod could enable CELG's inflammation and immunology franchise to double peak sales to $10B and reduce reliance on Revlimid to drive future growth, and the acquisition price of less than 2x peak sales is a steep discount relative to recent comparisons.
- Wedbush analyst Liana Moussatos sees plenty of potential upside to justify a rival bidder stepping in for RCPT, noting that she had estimated the company could be valued at $348/share, or ~$10.9B, in a buyout, substantially more than CELG's $232 offer.
- The deal is boosting some biotech names (IBB +1.9%), including PTC Therapeutics (PTCT +11.7%), Celsion (CLSN +7.1%) and Arena Pharmaceuticals (ARNA +6.7%).
Tue, Jul. 14, 5:15 PM
- Celgene (NASDAQ:CELG) agrees to acquire Receptos (NASDAQ:RCPT) for ~$7.2B in cash, or $232/share, representing a 12% premium to today's closing price.
- CELG says the deal will significantly enhance its inflammation and immunology portfolio, diversify its revenue beginning in 2019 and beyond, and build upon its growing expertise in inflammatory bowel disease.
- The acquisition adds Ozanimod, a drug under trial to treat ulcerative colitis and relapsing multiple sclerosis; annual sales of the drug are expected to peak at $4B-$6B.
- CELG also says it expects Q2 adjusted EPS of $1.23 vs. $1.13 analyst consensus estimate, and net product sales +22% Y/Y to $2.25B; raises FY 2015 EPS guidance to $4.75-$4.85 from a prior $4.60-$4.75.
- CELG +4.4% AH, RCPT halted until 5:30.
Fri, May 15, 10:59 AM
- NantWorks LLC member company NantPharma acquires the rights to Sorrento Therapeutics' (SRNE +16.8%) Cynviloq (paclitaxel polymeric micelle for injection) through its takeover of Sorrento subsidiary Igdrasol. Under the terms of agreement, Sorrento will receive an upfront payment of $90M, more than $600M in regulatory milestones, $600M in sales-based milestones and additional transfer payments from total unit sales.
- Cynviloq is going after Celgene's (CELG +0.3%) Abraxane (paclitaxel protein-bound particles for injectable suspension)(albumin-bound) which generated almost $900M in sales over the past four quarters.
- NantWorks LLC, founded by Abraxane inventor Dr. Patrick Soon-Shiong, has a close relationship with Sorrento. They announced a joint venture, Nantibody LLC, in December to develop immunotherapies for cancer and autoimmune diseases. Under the terms of the JV, Nantibody established a 19.9% equity stake in Sorento with warrants to purchase over 1.7M additional shares.
- Sorrento entered into a collaboration with another NantWorks company, NantCell LLC, in March also focused on cancer immunotherapies.
- Previously: Sorrento Therapeutics inks second collaboration deal with Nantworks (March 16)
- Previously: Sorrento up on news of collaboration with Abraxane inventor (Dec. 15, 2014)
Mon, Apr. 27, 8:17 AM
- Celgene (NASDAQ:CELG) acquires privately-held San Francisco, CA-based Quanticel Pharmaceuticals for $100M in cash and up to $385M in various R&D and regulatory milestones. Celgene expects the transaction to be neutral to 2015 non-GAAP EPS guidance.
- Quanticel, which as been a strategic alliance partner to Celgene since 2011, is a cancer-focused drug discovery firm based on a proprietary single-cell genomic analysis platform.
Fri, Apr. 24, 10:27 AM
Oct. 23, 2014, 4:12 PM
- Celgene (CELG +5.9%) likes its partnership with privately-held Sutro Biopharma so much that is has inked another deal with the antibody-based therapeutics developer. Under the terms of the agreement, Sutro receives a upfront payment of $95M that includes an equity stake, $90M during the research phase and potentially more than $1B, including milestones.
- Celgene also has an option to buy Sutro under undisclosed terms.
- The partners will work on PD-1 and PD-L1 inhibitors, the most promising cancer immunotherapy area. Sutro's value proposition is a better way to build antibody-drug conjugates that are more selective in their binding targets. Its technology enables a simpler method of making biologics, more akin to small molecule drugs.
Apr. 24, 2014, 8:43 AM
- Celgene (CELG) has licensed a treatment codenamed GED-0301 for moderate-to-severe Crohns disease and other indications from Dublin-based Nogra Pharma.
- Celgene will pay $710M upfront, development and regulatory milestones of as much as $815M, and sales milestones of up to $1.05B.
- GED-0301 "demonstrated striking clinical activity in a phase II trial for Crohns disease," Celgene says, with the company planning to start a Phase III study by the year-end.
- Shares are -2.1%. (PR).
- Q1 earnings
Oct. 16, 2013, 10:50 AM
Jul. 29, 2013, 11:11 AM
- Celgene (CELG -0.7%) enters into a strategic collaboration and will make a $100M upfront cash payment for an exclusive option giving it the right to buy Acetylon Pharmaceuticals - a developer of small molecule drugs that target epigenetic mechanisms for the treatment of cancer and other critical human diseases.
- Acetylon will retain control of its drug development program during the option period.
- If Celgene exercises its option, an upfront payment with a minimum floor of $500M, will be paid at closing.
- Additionally, Acetylon shareholders will be eligible to receive potential future milestone payments totaling up to $1.1B depending upon certain targets.
Jul. 1, 2013, 8:16 AMOnyx (ONXX) shares rocket 51% to $130.98 after the company says that it's rejected a $120/share offer from Amgen (AMGN +0.6%) and that it's seeking buyers after receiving inquiries. There's no shortage of speculation about who could acquire Onyx, with Bayer (BAYZF.PK), Celgene (CELG), Novartis (NVS), Bristol-Myers (BMY), AstraZeneca (AZN), Eli Lilly (LLY), Gilead (GILD) and Pfizer (PFE) all mentioned. However, Forbes' Matthew Herper notes that potential blockbuster blood-cancer drug Kyprolis has only received accelerated FDA approval, which can be revoked. Big Pharma may have wanted to await further trial results later this year amid concerns about Kyprolis' safety. | Jul. 1, 2013, 8:16 AM | 2 Comments
Jul. 8, 2012, 3:00 AMCelgene (CELG) is one of two firms other than GSK that are considering buying Human Genome (HGSI) and are holding talks with the company, Reuters reports. There's no word on who the second suitor is, although any deal would most likely be a merger of equals. With Human Genome holding an auction, the deadline for bids is July 16. | Jul. 8, 2012, 3:00 AM | 1 Comment
Jan. 26, 2012, 2:34 PMShares of microcap drug developer EntreMed (ENMD +23%) soar on the back of partner Celgene's (CELG -1.4%) acquisition of fellow cancer-therapy developer Avila Therapeutics. The company derives most of its revenue from royalty payments on sales of Celgene's drug Thalomid. | Jan. 26, 2012, 2:34 PM | Comment!
Jan. 26, 2012, 7:28 AMCelgene (CELG) to acquire privately-held biotech firm Avila Therapeutics for $350M in cash, plus up to $190M for milestones related to AVL-292, as well as up to $380M in potential milestone payments contingent upon the development and approval of candidates generated from the Avilomics platform. (PR) | Jan. 26, 2012, 7:28 AM | Comment!
Jan. 6, 2012, 10:25 AMLagging biotechs Amgen (AMGN -0.2%) and Celgene (CELG -2%) may dive into deal-making this year in seeking to return to the industry’s high-growth roots, Bloomberg speculates. Investors in the space have rewarded strategic acquisitions and companies that continue to develop innovative therapies, rather than dividend-paying low-growth stocks. | Jan. 6, 2012, 10:25 AM | Comment!
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