Biotech giant Celgene to acquire Receptos for $7.2 bn

New York, Jul 15 (EFE). —  New Jerseybased biotechnology company Celgene Corp. said it has agreed to acquire smaller rival Receptos, headquartered in San Diego, for $7.2 billion.

Celgene, which specializes in therapies for the treatment of cancer and inflammatory diseases, said the deal announced after the markets had closed on Tuesday is a means of “significantly enhancing” its inflammation and immunology portfolio and further diversifying its revenue beginning in 2019.

Celgene will add ozanimod, a highly promising oral therapy for the treatment of ulcerative colitis and relapsing multiple sclerosis, through the allcash merger, which is expected to close this year.

Shares of Celgene were up nearly 8 percent at $132.36 shortly after the opening bell on Wednesday.