Celgene Corporation announced on Thursday, February 22, that the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) with respect to the previously announced tender offer by Celgene’s wholly owned subsidiary, Blue Magpie Corporation, for all issued and and subsequent merger of Blue Magpie with Juno, expired.
The expiration of the HSR waiting period satisfies one of the conditions to the closing of the pending acquisition, which remains subject to other customary closing conditions. Celgene expects the transaction to close in the first quarter of 2018.
Celgene will gain research into a novel class of therapies known as CAR-T that use the body’s own immune system cells to fight cancer. Celgene is doubling down on cancer drugs after suffering a major setback last year that sent its market value tumbling. The company’s top-selling blood cancer drug, Revlimid, is expected to face competition in about four years, and the failure of a high-profile experimental candidate for Crohn’s disease in a late-stage trial in October heightened the pressure to find new drivers for long-term growth.
Full Content: Citybizlist
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
