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Alexion could be worth $148-$208 per share in takeout, says Piper

Piper Jaffray believes a takeout of Alexion (ALXN) would make strategic sense for Roche (RHHBY), but adds the timing is not right for Alexion shareholders since the company is entering a period of significant clinical advancement over the next 12 months. Piper estimates Alexion could be worth $148-$208 per share in a takeout scenario and expects multiple large pharma bidders to be interested should the sale process go public. The firm upped its price target for Alexion shares to $138 from $124 and keeps an Overweight rating on the stock.