Celgene announces acquisition of Receptos

Celgene has agreed a deal to acquire fellow biopharmaceutical company Receptos in a transaction worth $7.2 billion (4.61 billion pounds).

Specialising in therapeutic candidates for the treatment of immune and metabolic diseases, Receptos is currently developing Ozanimod, a potential best-in-class oral agent in phase III trials for inflammatory bowel disease and multiple sclerosis.

The acquisition is expected to significantly enhance Celgene's inflammation and immunology portfolio and diversify its revenue streams for 2019 and beyond, while building upon its growing expertise in inflammatory bowel disease.

Following this takeover, the firm will be raising its 2020 financial targets to exceed $21 billion in total net product sales, while its adjusted earnings per share are expected to exceed $13.00.

Bob Hugin, chairman and chief executive officer of Celgene, said: "This acquisition enhances our inflammation and immunology portfolio and allows us to leverage the investments made in our global organisation to accelerate our growth in the medium and long term."

This follows Celgene's acquisition of Quanticel Pharmaceuticals, a privately-held biotechnology company focused on cancer drug discovery, earlier this year.