UPDATE: Piper Jaffray Lowers Price Target on Alexion to $83

According to Piper Jaffray, Alexion

price target is lowered to $83. Piper Jaffray said that Alexion announced the acquisition of privately held Enobia Pharma Corp. for $610mn in cash, with potentially an additional $470mn in milestone payments. “Alexion remains one of our top picks heading into 2012 as we expect it to remain a “beat and raise” story for years to come with Soliris sales eventually reaching >$5bn.” Alexion closed yesterday at $70.92.