Antitrust Law Daily Wrap Up, ACQUISITIONS & MERGERS NEWS: HSR waiting period expires for Celgene’s acquisition of Receptos, (Aug 11, 2015)
Organizations Mentioned:Celgene Corp. | Receptos, Inc. | Strix Corp.
By Greg Hammond, J.D.
The applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) for biopharmaceutical company Celgene Corp.’s proposed acquisition of Receptos, Inc. expired last night, Celgene has announced. The $7.2 billion transaction is expected to close in the third quarter of 2015.
Celgene is a global biopharmaceutical company that is primarily focused on the discovery, development, and commercialization of innovative therapies for the treatment of cancer and inflammatory diseases through gene and protein regulation. Also a biopharmaceutical company, Receptos develops therapeutic candidates for the treatment of immune and metabolic diseases. Should the transaction close, Celgene’s wholly-owned subsidiary Strix Corp. will merge with Receptos.
“In Celgene, we have found the ideal partner to maximize the potential of Ozanimod and our promising pipeline in order to improve the lives of patients worldwide,” stated President and Chief Executive Officer of Receptos, Faheem Hasnain.
“The Receptos acquisition provides a transformational opportunity for Celgene to impact multiple therapeutic areas,” said Celgene Chairman and Chief Executive Officer, Bob Hugin. “This acquisition enhances our [inflammation and immunology] portfolio and allows us to leverage the investments made in our global organization to accelerate our growth in the medium and long-term.”
Companies: Celgene Corp.; Strix Corp.; Receptos, Inc.
News: AcquisitionsMergers Antitrust