Leerink analyst Paul Matteis views Neurocrine's licensing agreement for ONGENTYS opicapone, a COMT inhibitor for Parkinson's disease, from BIAL as a surprise. The analyst believes the deal does not appear expensive and makes strategic sense given the de-risked nature of the asset and the drug's fit with Neurocrine's soon to be built out neurology sales force. Nonetheless, Matteis thinks reception from investors will be more mixed, given that Neurocrine is viewed by many as on the short list of potential M&A targets and a licensing deal may lead to conclude that a near-term sale of the company is less likely. He reiterates an Outperform rating on the shares.