Allergan's Fishing For Deals, But Don't Expect A Big Catch
Allergan PLC will use its $36bn in after-tax cash and equity from the sale of its generics business to Teva Pharmaceutical Industries Ltd. to reduce debt, buy back shares of its stock, and to acquire companies or assets, but don't expect Allergan to catch any big fish in its dealmaking net.
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Editas' stock shot up 11% by mid-morning on March 14, after the gene therapy company announced a deal with Allergan worth $90m up front for "cool" CRISPR programs in ocular indications. However, the lead therapy included in the deal offers potentially limited profitability in a small orphan space.
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