Celgene Corporation’s $9 Billion Acquisition of Juno Therapeutics, Inc.

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.

Celgene Corporation (NASDAQ:CELG) and Juno Therapeutics, Inc. (NASDAQ:JUNO) signed 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 $9 billion, net of cash and marketable securities acquired and Juno shares already owned by Celgene (approximately 9.7% of outstanding shares). The transaction was approved by the boards of directors of both companies.

Juno is a pioneer in the development of CAR (chimeric antigen receptor) T and TCR (T cell receptor) therapeutics with a broad, novel portfolio evaluating multiple targets and cancer indications. Adding to Celgene’s lymphoma program, JCAR017 (lisocabtagene maraleucel; liso-cel) represents a potentially best-in-class CD19-directed CAR T currently in a pivotal program for relapsed and/or refractory diffuse large B-cell lymphoma (DLBCL). Regulatory approval for JCAR017 in the U.S. is expected in 2019 with potential global peak sales of approximately $3 billion.

The Proskauer team included Mergers and Acquisitions partners Robert Cantone (Picture), Daniel Ganitsky and Michael Ellis, senior counsel Charles Lee and associates Lara Miller and Louis Rambo; Benefits partners Ali Fawaz and Andrea Rattner; Tax partners Malcolm Hochenberg and Richard Corn; and Antitrust partner Colin Kass and senior counsel John Ingrassia.

The Skadden team includes: M&A partners Kenton King (Palo Alto), Amr Razzak (Palo Alto) and Graham Robinson (Boston), and associates Yulia Buyanin (Palo Alto) and Delford Williams IV (Palo Alto); Intellectual Property and Technology partner Resa Schlossberg (New York) and associate Matthew Weingast (New York); Executive Compensation and Benefits partner Joseph Yaffe (Palo Alto/Los Angeles) and counsel Kristin Davis (Palo Alto); Antitrust and Competition partners Steven Sunshine (Washington, D.C.) and Maria Raptis (New York); Health Care and Life Sciences partner Jennifer Bragg (Washington, D.C.); Labor and Employment law partner Karen Corman (Los Angeles); Litigation counsel Avia Dunn (Washington, D.C.); Tax partner Moshe Spinowitz (Boston); and Banking partner Kristine Dunn (Los Angeles).

 

Involved fees earner: Robert Cantone – Proskauer Rose LLP; Daniel Ganitsky – Proskauer Rose LLP; Michael Ellis – Proskauer Rose LLP; Charles Lee – Proskauer Rose LLP; Lara Miller – Proskauer Rose LLP; Louis Rambo – Proskauer Rose LLP; Ali Fawaz – Proskauer Rose LLP; Andrea Rattner – Proskauer Rose LLP; Malcolm Hochenberg – Proskauer Rose LLP; Richard Corn – Proskauer Rose LLP; Colin Kass – Proskauer Rose LLP; John Ingrassia – Proskauer Rose LLP; Kenton King – Skadden Arps Slate Meager & Flom; Amr Razzak – Skadden Arps Slate Meager & Flom; Graham Robinson – Skadden Arps Slate Meager & Flom; Yulia Buyanin – Skadden Arps Slate Meager & Flom; Delford Williams IV – Skadden Arps Slate Meager & Flom; Resa Schlossberg – Skadden Arps Slate Meager & Flom; Matthew Weingast – Skadden Arps Slate Meager & Flom; Steven Sunshine – Skadden Arps Slate Meager & Flom; Maria Raptis – Skadden Arps Slate Meager & Flom; Joseph Yaffe – Skadden Arps Slate Meager & Flom; Kristin Davis – Skadden Arps Slate Meager & Flom; Karen Corman – Skadden Arps Slate Meager & Flom; Jennifer Bragg – Skadden Arps Slate Meager & Flom; Avia Dunn – Skadden Arps Slate Meager & Flom; Moshe Spinowitz – Skadden Arps Slate Meager & Flom; Kristine Dunn – Skadden Arps Slate Meager & Flom;

Law Firms: Proskauer Rose LLP; Skadden Arps Slate Meager & Flom;

Clients: Celgene; Juno Therapeutics;

 

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Author: Ambrogio Visconti