BTIG downgraded Gracell (GRCL) to Neutral from Buy after AstraZeneca (AZN) proposed to acquire the company for $10 per ADS in cash plus a CVR for up to $1.50 per ADS, representing a total transaction value of $1.2B including the CVR. The firm views the proposed transaction as favorable for both, offering an add-on to AstraZeneca’s budding cell therapy capabilities and investments amid growing interest in the multiple myeloma space, the analyst tells investors.
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