Cancer drug maker Celgene says it will buy drug developer Receptos for $7.32 billion cash, gaining a drug Receptos is studying as a treatment for multiple sclerosis and ulcerative colitis.
Celgene agreed to pay $232 per share for Receptos, and the companies valued the deal at $7.2 billion excluding Receptos' cash on hand.
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Celgene Corp., based in Summit, New Jersey, reported about $2 billion in first-quarter sales of its drugs, which include the multiple myeloma treatment Revlimid and breast and lung cancer drug Abraxane.
Receptos Inc. is running late-stage trials of a drug called Ozanimod, and it expects results from those studies in 2017 and 2018. Shares of the San Diego-based company closed at $37.75 a year ago.