After Atara Biotherapeutics announced an expanded partnership with Pierre Fabre Laboratories for the U.S. and remaining global commercial markets for tab-cel for up to $640M and tiered royalties on net sales, Mizuho analyst Salim Syed said the firm values the agreement at a risk-adjusted $450M, or $4-plus per share. The firm, which noted that Atara also announced a staff reduction of 30% and estimates this equates to an additional $10M or so of annual opex savings, keeps a Buy rating and $31 price target on Atara shares.
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