(CercleFinance.com) – Oddo BHF maintains its ‘outperform’ rating on Novartis shares, with an unchanged price target of 105 Swiss francs, as Novartis announces the acquisition of Chinook Therapeutics, an American biotech at the clinical stage, for a total amount of $3.5 billion.
Oddo BHF reports that this acquisition will enable Novartis to strengthen its late-stage pipeline in rare kidney diseases with atrasentan (in phase 3, topline results expected in Q4) and zigakibart (entering phase 3).
‘The company’s rerating could continue through quarterly publications, the ramp-up of products in the launch phase (Leqvio, Pluvicto, Scemblix) as well as the publication of clinical results expected in the next 24 months (iptacopan , pelacarsen, ianalumab, remibrutinib, etc.)’, concludes the broker.
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