BMO Capital Reiterates Outperform on Horizon Pharma (HZNP) Following Announced RPTP Deal
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BMO Capital reiterated an Outperform rating and $30.00 price target on Horizon Pharma (NASDAQ: HZNP) following the company's announced deal for RPTP for $800mn. Horizon will finance the deal with $675mn of debt and $125mn of existing cash.
Analyst Gary Nachman commented, "We're positive on Horizon's announced deal for RPTP for $800mn, which is accretive and expands the company's orphan drug portfolio at what appears to be a pretty reasonable price (6.6x LTM revenue) given other orphan deals and the expected durability of the RPTP assets. We updated our Horizon model to reflect this deal beginning in 2017 (expected close in 4Q16) and are raising our revenue and EPS estimates. We reiterate our Outperform rating and price target of $30 as Horizon continues to evolve into more of an orphan drug story."
Shares of Horizon Pharma closed at $18.89 yesterday.
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