January 22, 2018 / 10:28 AM / a year ago

BUZZ-Sanofi: Bioverativ deal raises questions - Kepler Cheuvreux

(Updates to add Bioverativ, Swedish Orphan Biovitrum stock move)

** Shares in Sanofi down c. 2.3 pct after it agreed to buy U.S. haemophilia specialist Bioverativ for $11.6 billion

** BIVV surges 61.1 pct to $103.30 in U.S.-premarket trading; Swedish Orphan Biovitrum, a partner of BIVV, up 9.4 pct

** Kepler Cheuvreux says the deal “raises host of questions” and expects the market will be initially skeptical of the acquisition

** Brokerage says that although deal is earnings accretive (5% in 2019, according to Sanofi) and offers near-term growth, the longer-term picture is not so clear: how can Bioverativ’s pipeline offset pressure from Roche’s Hemlibra?

** Kepler Cheuvreux puts Sanofi’s rating “Under Review”

** Sanofi’s stock is at bottom of France’s blue-chip CAC 40 index

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