After Relypsa (RLYP) agreed to be acquired by Galenica for $32 per share, Wedbush thinks that there will be at least one additional bidder for Relypsa. The firm notes that on April 7, Reuters reported that multiple buyers had been interested in Relypsa. Wedbush thinks that Galenica's bid only values Relypsa at approximately 1X its peak sales potential, and the firm says that Sanofi (SNY) is likely to make a bid for Relypsa. Wedbush reiterates a $51 price target and Outperform rating on Relypsa.

After IGM Biosciences (IGMS) announced that the company's exclusive worldwide collaboration agreement with Sanofi (SNY) to create and develop IgM agonist antibodies will now focus exclusively on immunology and inflammation targets, Stifel analyst Stephen Willey said the firm believes the re-focusing of the collaboration away from oncology and exclusively to the three, yet-to-be-disclosed IAI targets "removes some longer-term economic optionality," but ultimately doesn't change the firm's thesis on the stock. The firm, which adds that Sanofi's decision aligns with its continued prioritization of IAI development opportunities and doesn't reflect anything aplitabart-related and notes that IGM now regains full control of these oncology programs and could potentially re-monetize these assets via future partnerships, would be buyers on related weakness. Stifel has a Buy rating and $25 price target on IGM Biosciences shares.