Allergan's (AGN) Tobira (TBRA) Deal Highlights Intercept (ICPT) and NASH Opportunity - Baird
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Baird analyst Brian Skorney reiterated his Outperform rating and $332 price target on Intercept Pharmaceuticals (NASDAQ: ICPT) after Allergan announced plans to acquire micro-cap Tobira (TBRA), for up to $1.7B.
Skorney commented, "The company's lead asset, cenicriviroc (CVC), has been in development for nearly ten years, originally as an HIV therapeutic, and is now in a Phase 2b study in NASH. Allergan cited the NASH opportunity as the sole driver for the deal. With an upfront payment 500% higher than yesterday's share price for TBRA, we can't help but question whether ICPT is undervalued by those metrics."
Shares of Intercept Pharmaceuticals closed at $156.74 yesterday.
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