JPMorgan tells investors today that they would be "well served" having exposure to a mix of Mylan (MYL), Perrigo (PRGO) and Teva (TEVA) shares as the potential M&A scenarios play out. The firm believes a "transformational transaction" is likely for one or more of the companies. It continues to see Mylan as best positioned, given the "high likelihood" of the company either buying Perrigo or being acquired by Teva. It raised its price target the stock to $80 from $70 and keeps an Overweight rating on the name. JPMorgan also raised its price target for Overweight-rated Perrigo to $215 from $180 and for Neutral-rated Teva to $70 from $65.

Vanda Pharmaceuticals "announced that the Supreme Court denied Vanda's petition for a writ of certiorari in its HETLIOZ(R) Abbreviated New Drug Application litigation against Teva Pharmaceuticals USA, Inc., Apotex Inc. and Apotex Corp." CEO Mihael H. Polymeropoulos stated: "We are disappointed that the Supreme Court has decided not to hear our case and clarify the lower court standard for obviousness in patent law. However, we are pleased that our case has drawn attention to an area of law that has broad and significant implications in life sciences innovation."