Celgene Expands CAR-T Exposure With Juno Acquisition at Fair Price; No Significant FVE Change
Celgene is acquiring its cell therapy partner Juno in a $9 billion all-cash deal, and we’re not expecting to make any significant changes to our $117 per share fair value estimate for Celgene. We think Celgene shares remain slightly undervalued, and that the two acquisitions Celgene has announced since the start of the year (Impact is also being acquired, for $1.1 billion upfront, largely for myelofibrosis drug fedratinib) help support the firm’s narrow moat and dominant position in blood cancer...Celgene is a global biopharmaceutical company engaged primarily in the discovery, development and commercialization of therapies for the treatment of cancer and inflammatory diseases through solutions in protein homeostasis, immuno-oncology, epigenetics, immunology and neuro-inflammation. The company's primary commercial stage products include: REVLIMID?, an oral immunomodulatory drug; POMALYST?/IMNOVID?, a proprietary, small molecule; OTEZLA?, an oral small-molecule inhibitor of phosphodiesterase 4 for cyclic adenosine monophosphate; ABRAXANE?, a solvent-free chemotherapy product; and VIDAZA?, a pyrimidine nucleoside analog. In addition, the company provides other product sales and licensing arrangements.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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