Biotech giant Celgene, who already owns a 9.7% stake in Juno announced this week that it will be acquiring Juno Therapeutics in a deal valued at $9 billion.
The company will be acquiring the 90% stake that is left in the company and is paying roughly $87 a share to get it.
Juno is known for its pipeline of CAR-T blood cancer drugs which includes JCAR017. The treatment for non-Hodgkin lymphoma is anticipated to receive regulatory approval in 2019 and according to Celgene, the drug is “significant growth driver beyond 2020.”
The company stated that the drug should “be a significant growth driver beyond 2020 with potential global peak sales of approximately $3 billion.”
Shares of Juno soared over 26% on the news announcement while Celgene shares barely inched up.
Disclaimer: We have no position in Celgene Corporation (NASDAQ: CELG) nor Juno Therapeutics Inc. (NASDAQ: JUNO) and have not been compensated for this article.