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Juno Therapeutics Inc (NASDAQ:JUNO) Investor Lawsuit Against Acquisition By Celgene Corporation Filed

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Lawsuit Overview

Case Dismissed
Company
Juno Therapeutics Inc
Security
NASDAQ: JUNO

Case Name
Juno Therapeutics Deal Case 02/27/2018
Type of Lawsuit
Mergers and Acquisition
Court of Filing
U.S. District Court for the Western District of Washington

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Summary

February 26, 2018 - The case was voluntarily dismissed.

An investor, who currently holds shares of Juno Therapeutics Inc (NASDAQ:JUNO), filed a lawsuit in effort to halt the proposed takeover of Juno Therapeutics Inc. by Celgene Corporation for $87 per share. Seattle, WA based Juno Therapeutics Inc is a biopharmaceutical company, which is focused on developing cellular immunotherapies for the treatment of cancer. Juno Therapeutics Inc reported that its annual Total Revenue rose from $18.21 million in 2015 to $79.36 million in 2016.

On January 22, 2018, Celgene Corporation (NASDAQ:CELG) and Juno Therapeutics, Inc.(NASDAQ:JUNO) announced the signing of a merger agreement in which Celgene has agreed to acquire Juno Therapeutics Inc. 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.

The plaintiff alleges that the defendants breached their fiduciary duties owed to NASDAQ:JUNO stockholders by agreeing to sell Juno Therapeutics Inc cheaply via an unfair process to Celgene. The plaintiff claims that the proposed consideration NASDAQ:JUNO shareholders will receive is grossly inadequate and undervalues Juno Therapeutics Inc. In addition, the plaintiff alleges that the process is also unfair NASDAQ:JUNO stockholders.

On February 16, 2018, NASDAQ:JUNO shares closed at $85.10 per share.