Celgene to buy Receptos for $7.2 billion

(Reuters) – Celgene Corp said it agreed to buy Receptos Inc for about $7.2 billion to expand its pipeline with Receptos’ immune-inflammatory bowel drug, Ozanimod.

Celgene will pay $232 in cash for every Receptos share, representing a 12 percent premium to the company’s closing price on Tuesday.

Ozanimod is in late-stage trials for inflammatory bowel disease and multiple sclerosis.

(Reporting by Amrutha Penumudi in Bengaluru; Editing by Maju Samuel)

• Celgene