UCB: UBS still a buyer after RA Pharmaceuticals
(CercleFinance.com) - UBS confirms its buy rating on UCB shares after the Belgian pharmaceutical group announced an upcoming takeover bid on the US biotech group Ra Pharmaceuticals.
The broker maintains its 12-month target price at 87 euros.
Analysts point out the interest of drug candidates developed by Ra Pharmaceuticals, which is specialised in rare diseases, including myasthenia.
The cash takeover bid is expected to raise UCB's net debt/EBITDA multiple to between 1.5x and 2x, which remains sustainable and should be reduced rapidly.
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