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CELG - Amgen: Otezla Brings Growth At A Reasonable Price
Celgene Corporation
Amgen (AMGN) announced quite a large acquisition by the end of August as it was laying down $13.4 billion to acquire Otezla. The deal looks fair, although one would expect a slightly lower deal tag, given that Celgene was a forced seller in this instance and a reported price tag came in much closer to $10 billion as speculated in recent weeks. Nonetheless, the deal seems accretive to Amgen in the long run, although I am not changing my neutral stance for the shares here around the $200 mark.