Conatus (CNAT), Galmed (GLMD), Intercept (ICPT) Could Be Given Similar Considerations for their Assets - FBR
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FBR Capital analyst Vernon Bernardino weighed in on the NASH space after Allergan (NASDAQ: AGN) agreed to acquire Tobira Therapeutics (NASDAQ: TBRA) for a 500% up-front payment and up to $49.84 per share in Contingent Value Rights (CVRs)
Bernardino commented, "While the acquisition premium (500% premium over yesterday's closing price of $4.74/share for TBRA) is outsized even in biotech terms, we think the drug development landscape in NASH, which has been estimated to have $40 billion in market potential, has no approved drugs and is comprised of less than a half dozen drug candidates in the Phase II stage of development. We think companies under our coverage that could be given similar consideration include Conatus Pharmaceuticals (NASDAQ: CNAT), and Galmed Pharmaceuticals (NASDAQ: GLMD), as well as Intercept Pharmaceuticals (NASDAQ: ICPT), which along with Genfit , are the only ones in the Phase III stage of development."
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