Jul. 9 at 2:21 PM
Jefferies⬇️
$VRNA to Hold/
$107 from Buy/
$140 and said "we see no FTC risks," after
$MRK's acquisition bid for
$VRNA.
$TRVI $INSM $REGN - SNY AMGN GSK
Jefferies said in its note:
"Expected to close in Q4:25, Merck will acquire
$VRNA for
$107/sh (~23% premium) in return for Ohtuvayre, a
novel PDE3/4 nebulizer for COPD.
The implied ~
$10B acquisition value suggests
$3-3.5B+ in peak sales potential (based on a 3x multiple), which could be conservative as Ohtuvayre is in the midst of having the strongest COPD launch in history.
We recently raised our peak sales by
$1B to
$4B based on our doctor survey. We see no FTC risks."
