Craig-Hallum downgraded scPharmaceuticals (SCPH) to Hold from Buy with a $6 price target after the company agreed to be acquired by MannKind (MNKD) for $5.35 per share in cash at closing plus one non-tradable contingent value right per share to receive certain milestone payments of up to an aggregate of $1.00 per CVR in cash, for total consideration of up to $6.35 per share. Craig-Hallum believes the majority of the CVR will get paid out.
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