UPDATE: Deutsche Bank Downgrades MAP Pharmaceuticals to Hold Following Acquisition Bid

Deutsche Bank downgraded MAP Pharmaceuticals

from Buy to Hold and raised the price target from $20.00 to $25.00. Deutsche Bank noted, "We are lowering our investment rating on MAP Pharmaceuticals from Buy to Hold following Allergan's bid to acquire the company for $25 per share last week. This is a tremendous outcome for MAP and key stakeholders given the significant (60%) premium Allergan has offered. It also eliminates potential regulatory and execution risks – particularly as the transaction will likely close (expected in late Q1 or Q2) prior to the critical upcoming FDA action date (April 15) for MAP's key valuation driver Levadex, which arguably represents 90% of MAP's value. Importantly, we believe the chance of an additional bidder at a higher price than $25 per share (cash) is highly unlikely." MAP Pharmaceuticals closed at $24.75 on Friday.