Piper Jaffray Says BioMarin (BMRN) Could Be Taken Out for $52-$70/Share

June 12, 2012 3:49 PM EDT
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With shares of BioMarin (Nasdaq: BMRN) modestly higher Tuesday afternoon amid chatter GSK could be eying the company, Piper Jaffray's Ian Somaiya issued some commentary on the rumor.

Although the analyst believes a takeover of the company is unlikely until results from a key clinical trial are released during the second half of this year, Somaiya placed a potential purchase price in the range of $52-$70 per share. The analyst said he sees multiple bidders being involved.

With BioMarin shares up 1.7 percent to $36.27 at last check, Somaiya's estimate implies a premium of about 43 to 93 percent.

Piper Jaffray maintains an Overweight rating and $43 price target on shares of BioMarin.

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