Axovant Sciences (AXON): Allergan Acquisition of Chase a Positive - Baird
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Baird analyst, Brian Skorney, reiterated his Outperform rating on shares of Axovant Sciences (NYSE: AXON) after Allergan (NYSE: AGN) announced the acquisition of Chase Pharmaceuticals, a privately held company focusing on development of fixed-dose combinations in Alzheimer's disease, for $125M upfront.
This deal is a direct and clear comp to the recent deal Axovant did with Qaam Pharmaceuticals. As most investors do not attribute value to the Qaam deal, the sizeable economics (upfront ~10% of Axovant market cap) in the Allergan/Chase deal should reflect positively on AXON share price.
No change to the price target of $29.
Shares of Axovant Sciences closed at $13.45 yesterday.
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