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CELG

Celgene

$102.65

0.93 (0.91%)

, JUNO

Acquired by CELG

$67.81

-3.56 (-4.99%)

06:33
01/22/18
01/22
06:33
01/22/18
06:33

Celgene to buy Juno Therapeutics for approximately $87 per share in cash

Celgene Corporation (CELG) and Juno Therapeutics (JUNO) announced the signing of a definitive merger agreement in which Celgene has agreed to acquire Juno. Under the terms of the merger agreement, Celgene will pay $87 per share in cash, or a total of approximately $9B, net of cash and marketable securities acquired and Juno shares already owned by Celgene. The transaction was approved by the boards of directors of both companies. The transaction is anticipated to close in Q1:18. Celgene expects to fund the transaction through a combination of existing cash and new debt. The resulting capital structure will be consistent with Celgene's historical financial strategy and strong investment grade profile providing the financial flexibility to pursue Celgene's strategic priorities and take actions to drive post 2020 growth. The acquisition is expected to be dilutive to adjusted EPS in 2018 by approximately 50c and is expected to be incrementally additive to net product sales in 2020. There is no change to the previously disclosed 2020 financial targets of total net product sales of $19B-$20B and adjusted EPS greater than $12.50. J.P. Morgan Securities LLC is acting as financial advisor to Celgene on the transaction. Morgan Stanley & Co. LLC is acting as financial advisor to Juno. Legal counsel for Celgene is Proskauer Rose LLP and Hogan Lovells, and Juno's legal counsel is Skadden, Arps, Slate, Meagher and Flom, LLP.

CELG

Celgene

$102.65

0.93 (0.91%)

JUNO

Acquired by CELG

$67.81

-3.56 (-4.99%)

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CELG Celgene
$102.65

0.93 (0.91%)

01/17/18
JEFF
01/17/18
NO CHANGE
Target $125
JEFF
Buy
Jefferies believes $8B price tag makes sense for Juno Therapeutics
Jefferies analyst Michael Yee says that if Celgene (CELG) paid $65-$90 per share for Juno Therapeutics (JUNO), or a 50%-100% premium to the "unaffected" price before yesterday, it would equate to $7B-9B in enterprise value to consolidate. The analyst believes an $8B deal makes sense since Celgene owns 10% of Juno already. Assuming a $65-$90 per share deal price, the Street would view Juno as a positive "incremental" acquisition for Celgene, Yee tells investors in a research note. He keeps a Buy rating on Celgene with a $125 price target.
01/17/18
WELS
01/17/18
NO CHANGE
Target $63
WELS
Market Perform
Juno Therapeutics price target raised to $63 from $54 at Wells Fargo
Wells Fargo analyst Jim Birchenough raised his price target for Juno Therapeutics (JUNO) to $63 from $54 following a press report of potential acquisition interest by cell therapy partner Celgene (CELG). The analyst reiterates a Market Perform on Juno's shares.
01/17/18
CANT
01/17/18
NO CHANGE
CANT
Celgene acquisition of Juno 'doable' but questionable, says Cantor
Cantor Fitzgerald analyst Mara Goldstein maintained a Neutral rating and $112 price target on Celgene Corporation (CELG), noting that Celgene is reportedly in talks to buy the 90% of Juno Therapeutics (JUNO) that it does not already own. While Goldstein sees this potential acquisition as "doable," she questions whether it is "likely to provide a material enough offset near term to fully allay concerns regarding REVLIMID's patent expiration." In afternoon trading, Celgene shares have declined over 2.5%, while Juno shares have shot up over 49%.
01/18/18
SBSH
01/18/18
DOWNGRADE
Target $81
SBSH
Neutral
Citi downgrades Juno to Neutral, says potential takeover priced in
Citi analyst Robyn Karnauskas last night downgraded Juno Therapeutics (JUNO) to Neutral from Buy while raising her price target for the shares to $81 from $59. Juno closed yesterday up 52%, or $23.65, to $69.25 after the Wall Street Journal reported that Celgene (CELG) is in talks to acquire the company. When the story broke, Karnauskas said in a research note that Juno could be worth $110 per share in a takeover. She believes, however, that for Celgene, a deal makes sense in the $80-$85 per share range. The analyst expects Juno to trade with an M&A premium at $81 per share. With the recent 49% jump in shares, and the stock now trading within 17% of our takeover price, Karnauskas tells investors in a research note.
JUNO Acquired by CELG
$67.81

-3.56 (-4.99%)

01/17/18
SBSH
01/17/18
DOWNGRADE
SBSH
Neutral
Juno Therapeutics downgraded to Neutral from Buy at Citi
01/18/18
01/18/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Symantec (SYMC) downgraded to Underperform from Hold at Jefferies with analyst John DiFucci saying the company's current guidance is not achievable and the stock will rerate lower upon investor realization. 2. Juno Therapeutics (JUNO) downgraded to Neutral from Buy at Citi with analyst Robyn Karnauskas saying Juno could be worth $110 per share in a takeover. 3. Comcast (CMCSA) downgraded to Neutral from Buy at Nomura Instinet with analyst Jeffrey Kvaal saying the company faces "heightened challenges" with over-the-top services driving declines in linear video and broadband growth likely to slow. 4. First Solar (FSLR) downgraded to Neutral from Buy at Guggenheim with analyst Sophie Karp citing valuation and limited near-term catalysts. 5. Chevron (CVX) downgraded to Hold from Buy at HSBC. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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NVS

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PDVW

pdvWireless

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THS

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AMGN

Amgen

$194.23

1.83 (0.95%)

12:51
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AAPL

Apple

$193.42

2 (1.04%)

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$41.50

0.46 (1.12%)

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APC

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12:41
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Investors may find bargains among oil, natural gas stocks, Barron's says »

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APC

Anadarko

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Royal Dutch Shell

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Royal Dutch Shell

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Exxon Mobil

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CVX

Chevron

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BP

BP

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EOG Resources

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OXY

Occidental Petroleum

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COG

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EQT

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HAL

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Schlumberger

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LB

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J.C. Penney

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-0.08 (-5.84%)

12:34
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Kohl's, Target set to thrive this holiday season, Barron's says »

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L Brands

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J.C. Penney

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TJX

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BBY

Best Buy

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TIF

Tiffany

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Target

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T

AT&T

$30.30

0.18 (0.60%)

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NVS

Novartis

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DBV Technologies

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Novartis

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MSI

Motorola Solutions

$129.97

0.72 (0.56%)

18:48
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PCG

PG&E

$24.39

6.62 (37.25%)

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CPUC isn't ruling out board shuffle, breakup for PG&E, Bloomberg says »

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ABX

Barrick Gold

$13.04

0.05 (0.38%)

18:00
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Barrick Gold looking to add more copper, bullion assets, Reuters reports »

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WTR

Aqua America

$33.05

0.165 (0.50%)

17:57
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Aqua America CEO acquires over 25,000 common shares »

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XLRE

Real Estate SPDR

$33.45

0.445 (1.35%)

, XLB

S&P Select Materials SPDR

$55.23

0.53 (0.97%)

17:39
11/16/18
11/16
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17:39
General news
Week ending ETF scorecard: Real Estate leads, Consumer Discretionary slumps »

S&P500 SECTORS: Real…

XLRE

Real Estate SPDR

$33.45

0.445 (1.35%)

XLB

S&P Select Materials SPDR

$55.23

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XLU

Utilities SPDR

$54.86

0.77 (1.42%)

XLI

Industrial Select Sector SPDR

$72.00

(0.00%)

XLV

Health Care Select Sector SPDR

$92.05

0.91 (1.00%)

XLF

Financial Select Sector

$26.78

0.03 (0.11%)

XLP

Consumer Staples Sector SPDR

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XLE

Energy Select Sector SPDR

$67.23

0.76 (1.14%)

XLC

Communication Services Select Sector SPDR Fund

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XLK

Technology Select Sector SPDR

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XLY

Consumer Discretionary Sector SPDR

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GLD

SPDR Gold Shares

$115.56

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SLV

iShares Silver Trust

$13.55

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USO

United States Oil Fund

$12.07

0.08 (0.67%)

UNG

United States Natural Gas Fund

$35.43

3.63 (11.42%)

HYG

iShares iBoxx $ High Yield Corporate Bond

$83.24

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LQD

iShares iBoxx $ Investment Grade Corporate Bond

$111.73

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TLT

iShares 20+ Year Treasury Bond Fund

$114.65

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iShares 7-10 Year Treasury Bond ETF

$101.13

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SHY

iShares 1-3 Year Treasury Bond

$83.13

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AQST

Aquestive Therapeutics

$17.02

0.23 (1.37%)

17:36
11/16/18
11/16
17:36
11/16/18
17:36
Hot Stocks
Aquestive receives CRL from FDA for tadalafil oral film »

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DAKT

Daktronics

$7.67

0.07 (0.92%)

17:35
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Daktronics adopts new shareholder rights agreement »

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TI

Telecom Italia

$6.02

0.12 (2.03%)

17:33
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Gubitosi viewed as frontrunner for Telecom Italia CEO job, Reuters says »

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MAXR

Maxar Technologies

$18.77

-0.59 (-3.05%)

17:30
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11/16
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17:30
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Maxar Technologies shareholders approve U.S. domestication »

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PLUG

Plug Power

$1.83

(0.00%)

17:28
11/16/18
11/16
17:28
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17:28
Syndicate
Breaking Syndicate news story on Plug Power »

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GSB

GlobalSCAPE

$4.55

-0.02 (-0.44%)

17:22
11/16/18
11/16
17:22
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17:22
Syndicate
Breaking Syndicate news story on GlobalSCAPE »

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EQIX

Equinix

$388.18

2.67 (0.69%)

17:19
11/16/18
11/16
17:19
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17:19
Hot Stocks
Equinix's Lee sells 2,792 common shares »

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LMT

Lockheed Martin

$301.06

-4.42 (-1.45%)

17:17
11/16/18
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17:17
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17:17
Hot Stocks
Lockheed Martin awarded $282.09M Naval Sea Systems Command contract »

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TLGT

Teligent

$2.56

0.045 (1.79%)

17:16
11/16/18
11/16
17:16
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17:16
Hot Stocks
Teligent receives notification of deficiency from Nasdaq »

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STAF

Staffing 360 Solutions

$1.82

0.07 (4.00%)

17:16
11/16/18
11/16
17:16
11/16/18
17:16
Syndicate
Breaking Syndicate news story on Staffing 360 Solutions »

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Up-to-date information on important industry events
Get real-time updates on events that are moving the market—from conferences and calls to syndicate announcements.
News focused on the companies in your portfolio
Create up to 12 portfolios with 150 stocks each, and see how active they are in market news.