Roche: USD8.3bn invested to buy InterMune
NEUTRAL, Fair Value CHF272 (+2%)
Roche is acquiring InterMune in an all-cash transaction for USD8.3bn and gains access to Esbriet, a new therapeutic option to treat IPF. With this deal, it strengthens its Respiratory portfolio. The deal is said to be Core EPS neutral in 2015 and accretive afterwards. It is a good use of cash in our view.