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Fly News Breaks for March 5, 2015
PCYC, ABBV
Mar 5, 2015 | 06:34 EDT
Deutsche Bank views AbbVie's (ABBV) acquisition of Pharmacyclics (PCYC) as a positive saying the deal provides near term top-line growth and diversifies the business away from Humira. Deutsche believes the acquisition will start becoming accretive in 2017 and could add 18%-19% to AbbVie's earnings by 2021. The firm also thinks AbbVie's capability to do future deals will not be affected by the acquisition. It keeps a Buy rating on the stock with an $80 price target.
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