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Fly News Breaks for March 5, 2015
JNJ, PCYC, ABBV
Mar 5, 2015 | 08:30 EDT
Piper Jaffray says AbbVie (ABBV) paid a "staggering" price for Pharmacyclics (PCYC) when taking into account the company bought only 50% of the rights to Imbruvica. Johnson & Johnson (JNJ), owner of the other 50% of Imbruvica, was not the high bidder, it notes. Piper believes the $21B purchase price for Pharmacyclics would have seemed reasonable for all of Imbruvica, and thinks it will take many years for the deal to deliver sufficient cash flow to justify the valuation. The firm says "nearly everything looks cheap" in the biotechnology space when the deal's metrics are used as a benchmark against other names.
News For ABBV;PCYC;JNJ From the Last 2 Days
JNJ
JNJ
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