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Fly News Breaks for May 10, 2016
ARIA, INCY
May 10, 2016 | 08:45 EDT
Leerink analyst Michael Schmidt says views positively Incyte's (INCY) announcement that it acquired ARIAD's (ARIA) EU operations and in-licensed Iclusig rights in Europe for $140M in cash. The analyst notes that the acquisition accelerates expansion of Incyte's European infrastructure while being cash-flow accretive in 2018. Schmidt reiterates an Outperform rating and $85 price target on Incyte's shares.
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