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Fly News Breaks for April 21, 2015
VRTX, GILD
Apr 21, 2015 | 08:14 EDT
Bernstein says that Gilead (GILD) needs $5B-$7B in additional revenue by 2020, while Vertex (VRTX) has the best profile of any candidate to provide the revenue. Bernstein says the companies have a significant amount of complementarity, and that the deal, at $45B, could be accretive to Gilead after 2017. Following the deal, Gilead's stock could rise to $130-$140 in the near term, according to Bernstein. The firm keeps an Outperform rating on Gilead and a Market Perform rating on Vertex.
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