Stifel downgraded Reata Pharmaceuticals (RETA) to Hold from Buy with a price target of $172.50, up from $110. Biogen (BIIB) agreed to acquire Reata for $172.50 per share in cash, reflecting an enterprise value of approximately $7.3B. Skyclarys fits “easily into (Biogen’s) rare disease footprint,” says the firm, which adds that it thinks “this was an excellent price for” Reata.
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