Vertex (VRTX), BioMarin (BMRN), Intercept (ICPT), Others Highlighted as Targets at BMO Following PFE/MDVN
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Kim issued a list of potential combination candidates in their coverage, using a 3-4x multiple on their peak revenue estimates, including: Vertex Pharma (NASDAQ: VRTX) and Ionis Pharma (NASDAQ: IONS) (covered by Kim group) and Alexion Pharma (NASDAQ: ALXN), AveXis (NASDAQ: AVXS), BioMarin (NASDAQ: BMRN), Intercept Pharma (NASDAQ: ICPT), and Neurocrine Biosciences (NASDAQ: NBIX) (covered by Ian Somaiya).
"We believe these companies could potentially command a higher multiple given the limited number of late-stage clinical and commercial biotechs," he said.
Using the 3-4x peak revenue multiple, the firm's chart shows AveXis (NASDAQ: AVXS), Intercept Pharma (NASDAQ: ICPT), and Neurocrine Biosciences (NASDAQ: NBIX) have the most potential upside in a deal.
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