Juno Therapeutics (JUNO) Shares Skyrocket on Celgene Buyout

Juno Therapeutics (NASDAQ:JUNO) shares were skyrocketing as the company has agreed to be acquired by Celgene Corporation (NASDAQ:CELG).

Juno Therapeutics (JUNO)The subject of the acquisition is responsible for making some of the most innovative cancer immunotherapy treatments. Celgene will shell out $87 per share for Juno Therapeutics, roughly $87 per share.

As of Tuesday afternoon last week, Juno Therapeutics’ market value was $5.5 billion, but the figure surged on Wednesday to around $7.7 billion as rumors of a takeover continued.

“The people at Juno channel their passion for science and patients towards a common goal of finding cures by creating cell therapies that help people live longer, better lives,” Juno CEO Hans Bishop said in a press release. Bishop added that scientific prowess, manufacturing excellence and global reach will help expand the company’s services, and Celgene offers all three.

“Juno will remain at its new building in South Lake Union and its manufacturing facility in Bothell and our hiring plans remain unchanged,” a Juno spokesperson said. “The fundamental mission of our organization is unchanged. We’ll… continue to pursue new and better therapies for patients and do so from our base here in Seattle.”

Juno’s revenue has been on the rise lately as the company revamped its JCAR017 treatment, helping to successfully treat numerous cancer patients in recent years.

JUNO stock gained 26.6% on Monday, while CELG shares were holding steady.

Article printed from InvestorPlace Media, https://investorplace.com/2018/01/juno-therapeutics-juno-celgene/.

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