Amicus price target raised to $15 from $13 at BofA

BofA raised the firm’s price target on Amicus to $15 from $13 and keeps a Buy rating on the shares after the company announced it has settled with Teva (TEVA) on the patent litigation for Galafold. Under the new agreement, Amicus will grant Teva the rights to commercialize generic Galafold starting January 30th, 2037 prior to the expiration of several composition of matter patents set to expire in 2038. BofA notes this is one of several ongoing generic litigations with a settlement yet to be agreed upon with Aurobindo and the litigation stay remains in place with Lupin. The firm is encouraged by the first agreed upon settlement date that will likely set the tone for other ongoing negotiations. Further, BofA believes this settlement removes an overhang that investors had expressed concern about.