Truist downgraded Verona Pharma (VRNA) to Hold from Buy with a price target of $107, up from $100, following Merck’s (MRK) $10B proposal to acquire all Verona for $107 per share or $10B. Verona’s Ohtu makes sense as the “anchor” drug to help grow Merck’s existing footprint in respiratory franchise and be competitive against dupi, IL33s and more, the analyst tells investors in a research note.
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