Cephalon could be a take over target itself! Below article for interest only.
http://online.barrons.com/article/SB50001424052970204331604576104101852608290.html?mod=googlenews_barrons#articleTabs%3Darticle%26articleTabs_panel_article%3D1
The 13 each have a stock-market value below $10 billion, making them digestible for buyers. The list includes Alexion Pharmaceuticals (ALXN), Dendreon (DNDN), Human Genome Sciences (HGSI), Cephalon (CEPH) and United Therapeutics (UTHR).
"We foresee the healthy pace of merger activity continuing in 2011, despite the torrid activity of the past five years," wrote Deutsche Bank analyst David Steinberg in a recent research note. He counted 29 deals in 2010 for $75 billion, involving public and private specialty-drug companies. The average premium to the existing stock price paid for public companies last year was about 40%.
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