Truist downgraded Mersana Therapeutics (MRSN) to Hold from Buy with a price target of $30.75, down from $36, after Day One Biopharmaceuticals (DAWN) agreed to acquire Mersana for $25.00 per share in cash plus up to $30.25 per share in contingent value rights tied to clinical, regulatory, commercial, and collaboration milestones related to Emi-Le. The firm, which believes the deal will go through, thinks the CVR is worth $5.75.
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