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, as un­der­scored by a suf­fer­ing share price, and he be­lieves the com­pa­ny would have been bet­ter of­fer­ing div­i­dends to in­vestors than squan­der­ing it on a mis­guid­ed BD strat­e­gy.

In the best of all worlds, Alex­ion’s in­vestors might be best served with a pre­mi­um take­out, and Porges has been think­ing about which po­ten­tial buy­er makes the most sense.

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