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Shares of Celgene were up more than 5 percent in extended trading. Receptos stock was up slightly before it was halted for news in after-hours trading. After it resumed, the shares jumped as high as 11 percent.
According to a release announcing the deal, the acquisition will help enhance Celgene's inflammation and immunology (I&I) portfolio, with implications for inflammatory bowel disease and multiple sclerosis treatments.
The deal will bring Receptos' lead product, ozanimod, into Celgene's drug portfolio. Based on clinical studies the drug has shown positive signs in the treatment of ulcerative colitis and relapsing multiple sclerosis.
"The Receptos acquisition provides a transformational opportunity for Celgene to impact multiple therapeutic areas," said Bob Hugin, chairman and CEO of Celgene. "This acquisition enhances our I&I portfolio and allows us to leverage the investments made in our global organization to accelerate our growth in the medium and long term."
Celgene has long been focused on research in inflammation and immunology as they relate to several diseases. The drug maker owns Otezla, used in the treatment of psoriasis and psoriatic arthritis.
The deal has been approved by the boards of directors of both companies and is expected to close this year. JPMorgan and Citi are acting as financial advisors to Celgene on the deal. Centerview Partners is acting as financial advisor to Receptos.