Allergen (AGN)/Pfizer (PFE) Deal Creates Mid-Teens Synergies in Year 2 - RBC Capital
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The potential Allergan (NYSE: AGN)/Pfizer (NYSE: PFE) deal would bring attractive strategic and financial aspects and focus will shift to the likelihood of actually getting done if the price is right and management structure can be agreed upon, analysts say. This isn't a surprise considering that PFE management, on its call, said it's looking for a combination of pipeline, operational and financial synergies and not afraid to take "bold" steps.
Randall Stanicky, RBC Capital's Pharma Analyst, expects "strength in AGN but this should also serve as a catalyst to push the sector higher on what we continue to see as compelling post sell-off opportunity." If the deal were to close, he sees "year two accretion in mid-teens and growing".
Beyond the scope of the acquisition, Stanicky does not see any impact/risk to the existing AGN generics sale to TEVA and that TEVA will underscore this at its analyst meeting this morning.
No change to the firm's Outperform rating and $354 PT on AGN.
For an analyst ratings summary and ratings history on Allergen click here. For more ratings news on Allergen click here.
Shares of Allergen closed at $287.20 yesterday.
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