Oppenheimer analyst Carlos Solorzano went to Not Rated on Relypsa after the company announced it has agreed to be acquired by Galenica Group for $32 per share in cash. While the analyst views the deal terms as fair, he believes the purchase price is "significantly lower" than that paid for ZS Pharma's ZS-9, likely reflecting a tempering of the peak sales expectations for hyperkalemia drugs and the realization that building out the hyperkalemia market will take time. Nonetheless, Solorzano says it is possible that a higher bid for Relypsa may arise before closing of the transaction.