UPDATE: Jefferies Raises Price Target On NPS Pharmaceuticals Ahead Of Acquisition By Shire

In a report published Monday, Jefferies analyst Eun K. Yang reiterated a Hold rating on

, and raised the price target from $26.00 to $46.00. In the report, Jefferies noted, “Shire's proposed acquisition of NPSP for ~$5.2B (~25x our estimated 2015 Gattex/Natpara sales) is anticipated to close by 1Q15. Shire notes a calculated risk ahead of Natpara PDUFA date on 1/24/15. The hefty price that Shire is paying for NPSP underscores the premium that marketed/positive Ph3 assets can now command regardless of potential commercial challenges. Setting PT to proposed acquisition price of $46.” NPS Pharmaceuticals closed on Friday at $41.91.