Teva Pharmaceutical Industries Ltd. (NYSE: TEVA; TASE: TEVA) continues its efforts to expand. According to several reports, Teva seeks to acquire US pharmaceuticals company Receptos (RCPT). AstraZeneca (AZN) and Gilead Sciences (GILD) are also reportedly interested in buying the company.
AstraZeneca is reported to have bid $200 per share for Receptos, valuing it at $6.3 billion. The company's current market cap is $4.94 billion.
Receptos apparently rejected AstraZeneca's bid, saying it would not consider an offer below $350 per share, double its current price.
Teva and Gilead Sciences are reported to have offered $280 per share, valuing Receptos at $8.7 billion.
Receptos was mentioned by Bloomberg in April as a potential acquisition target, which sent its share price rising to $160.
Receptos has drugs in development for various diseases, including multiple sclerosis, the indication for Teva's blockbuster drug Copaxone, and Crohn's Disease.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2015
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