Receptos Inc., one of San Diego’s most promising biotech companies and a favorite or TheStreet's Jim Cramer, will be bought by New Jersey-based pharma giant Celgene Corp. for $7.2 billion.
Celgene will pay $232 a share in cash, according to a statement Tuesday. The deal, expected to close this year, is a departure for Celgene, which has bet more on partnerships with smaller biotech companies than on outright takeovers.
Receptos’ leading product, ozanimod, is in final-stage studies for relapsing multiple sclerosis, with data expected in 2017. The drug is also being tested for gastrointestinal inflammatory disorders.
Receptos went public on May 8, 2013, at $14 a share, so the acquisition represents a more than 16-fold return in just over two years.