Citi says MoonLake Immunotherapeutics (MLTX) takeover thesis has reemerged after the Financial Times reported Merck (MRK) expressed interested in acquiring MoonLake and submitted a non-binding offer for more than $3B earlier this year. The offer was reportedly rejected, which is unsurprising given the $3B price would represent only a 16% premium over Monday’s close, the analyst tells investors in a research note. The firm says its $72 per share price target implies a $4.5B valuation. It continues to believe MoonLake’s sonelokimab has the potential to demonstrate differentiated efficacy versus competitor Bimzelx. Citi keeps a Buy rating on the shares.
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