04:55 AM EDT, 03/15/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We keep our target price of $81, 20x our 2024 earnings per ADS estimate, in line with its historical average. AZN announced that it has entered into an agreement to acquire Amolyt Pharma for $1.05 billion. This includes $800 million upfront payment at deal closing, plus the right for Amolyt Pharma's shareholders to receive an additional contingent payment of $250 million payable upon achievement of a specified regulatory milestone. We see the deal, which is expected to close in Q3 2024 subject to regulatory approval, will help AZN in expanding its rare disease portfolio with the notable addition of Phase 3 asset, eneboparatide (for treatment of chronic hypoparathyroidism). AZN has been building its rare disease portfolio since the acquisition of Alexion (closed in 2021), which we view will provide some diversification for the company (away from its biggest segment, oncology) over the long term. Our forecasts remain unchanged.