Jan. 12 at 3:25 PM
Truist reiterated
$RVMD Buy-
$99 and said:
$28-
$32 Billion Is Closer To What We Think RVMD Would Find Appealing
$MRK $BBOT $ERAS AMGN BMY
$IMTX
Truist added:
We think RVMD remains in a position of strength, and doesn't need to do a deal.
If RVMD is getting bought out in the near term, we think it would be for an offer that was difficult to refuse, and we think the range suggested in the Financial Times article (
$28-
$32 billion) is more in the vicinity of that number.
A bid from Merck (MRK, NR) could make sense, in our view, providing antitrust conditions are met (see below).
But at this price range, we think a potential acquirer would want to see some Phase 3 data to de-risk Daraxon - either topline data from RASolute-302 (potentially due in 1H26, we think), or perhaps an interim look at this same study (which we think could have happened, or will happen soon).
