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Verona Pharma downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo downgraded Verona Pharma (VRNA) to Equal Weight from Overweight with a price target of $107, down from $138, after Merck (MRK) announced it will acquire Verona for $10B or $107 per share. Wells does not see any other bidders as likely to come in.

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