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Fly News Breaks for June 17, 2016
CPXX, JAZZ
Jun 17, 2016 | 07:43 EDT
After Jazz Pharmaceuticals (JAZZ) agreed to buy Celator (CPXX) for about $1.5B, Wells Fargo says that Celator's Vexeos "is a strong strategic fit" for Jazz. The firm thinks the drug will "strengthen" Jazz's global hematology/oncology franchise while further diversifying Jazz's revenue base away from Xyrem. The firm says that the deal will reduce investors' fears about a generic alternative to Xyrem. Wells keeps an Outperform rating on Jazz.
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