Biogen has a $21B market cap with around $5B in debt. It's tiny compared to the likes of Novartis, Roche, Pfizer, Sanofi. It currently generates around $1.5B annual profit. It has cash & cash equivalents of around $1.7B. Whatever one may think about the price paid for Reata (around $7.6B), that acquisition, funded by a combination of cash and debt, depleted their firepower considerably. If you assume for arguments sake that Neuren is worth upwards of US$4.5B (not saying that is right or wrong) then could Biogen manage it so soon after Reata? I think it will be someone else. And although I believe it will happen, I have no idea when.
NEU Price at posting:
$12.07 Sentiment: Buy Disclosure: Held
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