Jefferies analyst Brian Abrahams constructed a scenario analysis with potential takeout values for Biogen (BIIB) after the Wall Street Journal reported that Allergan (AGN) and Merck (MRK) have expressed interest in a deal. He cautions that an acquisition is "far from certain." The analyst's base case suggests a potential acquisition price of $379 per share while his bear case suggests a takeout value of $316 per share and his bull case has Biogen worth $439 per share in a buyout. An Alzheimer's contingent value right, or CVR, could be worth around $60 per share if included in a deal, Abrahams contends. He has a Buy rating on Biogen.