Astra, Bayer, Roche Could Achieve More Actelion Savings: Exane
If Actelion is up for sale then other potential suitors offering greater cost savings potential than Shire may be Astra, Bayer and Roche, Exane says in note.
- Exane says deal with Astra would be attractive in respiratory and would be immediately accretive; sees overlap for Roche’s Esbriet and Bayer’s Adempas
- Tie-up with Shire wouldn’t be a cost savings-driven deal but an opportunity for Shire to “bolt-on” well-established expertise within another rare disease category
- Deal wouldn’t come cheap but could still be highly accretive if largely debt-financed
- Rates Shire and Actelion outperform