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Celgene & Juno: The Latest in a Bumper Crop of Biotech M&A?

By Teresa Rivas

Celgene (CELG) is on a shopping spree this year: First, it bought Impact Biomedicines for $1.1 billion at the start of the month, and today it announced that it will buy Juno Therapeutics (JUNO) for $87 a share in cash, or $9 billion.

Rumors of a Juno deal leaked last week, so some analysts had already come out in favor of the combination. SunTrust Robinson Humphrey's Yatin Suneja reiterated a Buy rating on the stock, and writes that investors should be excited about the fact that Juno should allow Celgene to stay at the "forefront of cellular therapy," as well as diversify its business away from the myeloma franchise. Suneja also thinks that Celgene paid a fair price for the company.

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Source: Barron's