BioCentury on BioBusiness,
Analyst Picks & Changes
Analyst picks & changes
Published on
Monday, August 13, 2012
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Company
|
Bank
|
Analyst
|
Coverage
|
Opinion
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Wk
chg
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8/10
cls
|
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Elan
Corp. plc (NYSE:ELN)
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RBC
Capital Markets
|
Michael
Yee
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Other
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Outperform
|
-2%
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$11.10
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Yee
believes Elan needs to think about strategic alternatives and a possible acquisition
by Biogen Idec Inc. (NASDAQ:BIIB) after Pfizer Inc. (NYSE:PFE)
and Johnson & Johnson (NYSE:JNJ) discontinued development of Phase
III compound IV bapineuzumab for Alzheimer's disease (see B18).
J&J acquired rights to the mAb against beta amyloid from Elan in 2009. In
July, Yee said he thought a reasonable scenario for Elan following a
potential bapineuzumab failure would be to sell its 25% stake in the
compound, or get a contingent value right (CVR) for a minor future interest,
and sell itself to Biogen at up to $15 per share.
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