Brookline raised the firm’s price target on Medicus Pharma (MDCX) to $20 from $12 and keeps a Buy rating on the shares. The firm is updating its model following completion of aquisition of Antev Limited. Medicus acquired 98.6% of Antev for $75M, which includes $2.97M in cash and 1,603,164 common shares of Medicus, plus $65M in contingent payments tied to potential future Teverelix Phase 2 trial data and New Drug Application approvals. Brookline is including the potential of Teverelix in Acute Urinary Retention in its model, but does not include the potential for Teverelix in prostate cancer in its model and expects to add it to the model following Phase 2 data.
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