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Cowen Bullish on Horizon Pharma PLC (HZNP) Amid Raptor Pharmaceutical (RPTP) Acquisition

Horizon Pharma PLC (NASDAQ:HZNP) announced this morning plans to acquire Raptor Pharmaceutical (NASDAQ:RPTP) for $800 million in cash, sending shares shooting up almost 10%. The deal will offer HZNP access to Procysbi, a drug designed to treat nephropathic cystinosis with duration through 2014, along with Quinsair, an aerosolized form of levofloxacin with duration until 2029.

In light of this acquisition, Cowen analyst Ken Cacciatore reiterates an Outperform rating on shares of HZNP with a $42 price target, which represents just under a 126% increase from where the stock is currently trading.

Cacciatore foresees the deal to close by the end of...