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Fly News Breaks for April 9, 2015
TEVA, PRGO, MYL
Apr 9, 2015 | 08:10 EDT
Leerink analyst Jason Gerberry told investors this morning that he sees a 70% chance of Mylan (MYL) being successful in acquiring Perrigo (PRGO) with an increased bid in the $210-$215 per share range. Gerberry estimates 10% accretion by year three of the deal, equating to an $80 share price for Mylan. The analyst pegs Teva (TEVA) coming in with a bid for Mylan (MYL) as a 25% probability; a deal he estimates would result in similar share appreciation for Mylan holders to around $80 per share. Gerberry believes Mylan shares would still be worth $67 under a worst case scenario, where the company fails to buy Perrigo and Teva never makes a takeover bid. He keeps an Outperform rating on Myla with a $67 price target. The stock closed yesterday up $8.79 to $68.36.
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