Needham, in a research note to investors on the biotech industry, mentioned Avidity (RNA) and Phathom Pharmaceuticals (PHAT) as the most likely takeout targets under coverage. The firm sees Regeneron (REGN), Bayer (BAYRY), and Novo Nordisk (NVO) as the most likely to buy earlier-stage companies, and Takeda (TAK), Biogen (BIIB), Bristol Myers (BMY), and Pfizer (PFE) as most likely to buy late-stage companies.
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