Merrill puts Speedel at buy

Merrill Lynch analyst Erica Whittaker rated Speedel Holdings at a buy with an increased sum-of-parts price objective of CHF 240 from CHF 185 on greater expectations for the company's Rasilez, a new antihypertensive drug to be launched by Novartis in the first-quarter 2007. Speedel will receive a royalty of 11% of global sales, estimated to reach $1.5 billion by 2012, according to the analyst. Shares of the Basel, Switzerland, pharmaceutical company were up CHF 0.60, or 0.31%, at CHF 195.50. (Swiss: SPPN)

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