Nomura: 'We Are Bullish On Celgene's Acquisition Of Receptos'

Nomura list three reasons for it's bullish view on the acquisition:

1. "ozanimod could enable the inflammation & immunology franchise to double peak sales to $10bn and reduce reliance on Revlimid to drive future growth,
2. acquisition price of <2x peak sales represents a steep discount relative to recent comps and,
3. purchase by international subsidiary could optimize use of OUS cash and relocation of ozanimod IP could reduce future tax obligations."

Nomura believes the acquisition applies downward pressure to BioGen (BIIB).