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Celgene begins tender offer to acquire Juno Therapeutics

Celgene Corp. began its tender offer to acquire all outstanding shares of Juno Therapeutics Inc. at $87 apiece in cash.

Juno's board recommended their stockholders to tender their shares after determining that the deal offer was fair and in the interest of the company.

In January, Summit, N.J.-based Celgene said it was going to acquire Seattle-based cancer therapy focused Juno for about $9 billion in cash.

The deal will give Celgene access to Juno's cancer therapies, including the JCAR017 chimeric antigen receptor T cell, or CAR-T, therapy, which is expected to receive U.S. regulatory approval in 2019 and rake in $3 billion in global peak sales as a treatment of blood cancer.

Celgene had noted earlier that the transaction will impact its 2018 adjusted earnings per share by 50 cents but will help drive additional sales starting 2020.

The tender offer will expire at midnight ET on March 2.

J.P. Morgan Securities LLC is acting as financial adviser to Celgene on the transaction. Morgan Stanley & Co. LLC is acting as financial adviser to Juno.

Proskauer Rose LLP and Hogan Lovells are the legal counsel for Celgene, while Juno's legal counsel is Skadden Arps Slate Meagher and Flom LLP.