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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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