Company Update (NASDAQ:CELG): Celgene Corporation Announces Expiration of Cash Tender Offer for Shares of Receptos Inc

Celgene Corporation (NASDAQ:CELG) announced that its tender offer to purchase any and all issued and outstanding shares of common stock of Receptos, Inc. at a price of $232.00 per share, net to the seller in cash, without interest and less required withholding taxes, expired at 12:00 midnight ET, at the end of the day on Monday, August 24, 2015.

The depositary for the tender offer has advised that, as of the expiration of the offer, a total of approximately 26,177,855 shares were validly tendered and not withdrawn in the tender offer (including shares delivered through notices of guaranteed delivery), representing approximately 83% of Receptos’ outstanding shares. Celgene, through a wholly-owned subsidiary, will accept for payment all shares that were validly tendered and not withdrawn prior to expiration of the offer, and payment for such shares will be made promptly, in accordance with the terms of the offer.

Celgene expects to effect the merger in the coming days, with Receptos surviving as a wholly-owned subsidiary of Celgene. As a consequence of the merger, each outstanding Receptos share not tendered and purchased in the offer (other than those as to which holders properly exercise dissenters rights) will be converted into the right to receive the same $232.00 per share price, without interest and less any required withholding taxes, that was paid in the tender offer. Following the merger, Receptos’ common stock will cease to be traded on the NASDAQ Global Market. (Original Source)

Shares of Celgene closed yesterday at $113.38 . CELG has a 1-year high of $140.72 and a 1-year low of $83.16. The stock’s 50-day moving average is $128.70 and its 200-day moving average is $119.67.

On the ratings front, Celgene has been the subject of a number of recent research reports. In a report issued on July 27, Morgan Stanley analyst Matthew Harrison maintained a Hold rating on CELG, with a price target of $134, which implies an upside of 18.2% from current levels. Separately, on July 24, Canaccord Genuity’s John Newman reiterated a Buy rating on the stock and has a price target of $190.

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Matthew Harrison and John Newman have a total average return of 7.1% and -3.2% respectively. Harrison has a success rate of 52.0% and is ranked #1103 out of 3730 analysts, while Newman has a success rate of 35.7% and is ranked #3330.

The street is mostly Bullish on CELG stock. Out of 8 analysts who cover the stock, 6 suggest a Buy rating and 2 recommend to Hold the stock. The 12-month average price target assigned to the stock is $146.00, which represents a potential upside of 28.8% from where the stock is currently trading.

Celgene Corp is a biopharmaceutical company. It is engaged in the discovery, development and commercialization of therapies designed to treat cancer and immune-inflammatory related diseases.

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