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Fly News Breaks for September 3, 2015
SHPG, BXLT
Sep 3, 2015 | 08:24 EDT
Cowen met with Baxalta (BXLT) management, who said they have not heard from Shire (SHPG) since the original deal proposal and reiterated they feel they can create greater value as a standalone company. Baxalta's CEO said he does not see the rationale to achieve the proposed revenue/cost synergies and said the deal does not adequately reflect the value of its leading hemophilia and immunoglobulin assets. The meetings with management reaffirmed their positive outlook and Cowen thus reiterated its Outperform rating and $45 price target on Baxalta shares.
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