Celgene is laying more than $7 billion on the table to buy San Diego-based biotech Receptos, in a move that will significantly boost its inflammation and immunology portfolio.

The drugmaker is paying $232 per share, or around $7.2 billion, for the firm, in a deal it says provides “a transformational opportunity” to “impact on multiple therapy areas”.

The acquisition brings ozanimod, a novel, potential best-in-class, oral, once-daily, selective sphingosine 1-phosphate 1 and 5 receptor modulator (S1P), to Celgene’e pipeline. In clinical trials, the drug has shown several areas of potential advantage over existing oral therapies for the treatment of ulcerative colitis and relapsing multiple sclerosis.

Ozanimod is making good progress in several areas: a Phase III UC is currently underway with data expected in 2018; in RMS, Phase III data from two trials is expected in the first half of 2017 to support an approval in 2018; and the drug is well positioned to potentially become the first S1P receptor modulator to be approved for IBD, Celgene noted.

The transaction has been given the seal of approval from both boards of directors, and is expected to close sometime this year.

It’s been a busy month for Celgene, which just weeks ago announced a 10-year, $1-billion deal with Juno to research and develop new immunotherapies for cancer and autoimmune disease.