Which big bio­phar­ma play­er should gam­ble $34B on a ripe rare-dis­ease M&A tar­get? An ac­tion-hun­gry top an­a­lyst fills in the blanks

Ge­of­frey Porges has been open­ly un­hap­py with Lud­wig Hantson and the team that runs Alex­ion $ALXN. Their dis­count M&A deals don’t make much sense …

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