Even after recent failed drug trials, we think the company’s undervalued.
We continue to believe that the NASH opportunity is not fully baked into shares.
A broad array of oncology and autoimmune programs gives the company a larger margin of error.
We think the deal is strategically and financially positive.
The current CEO of Roche's pharmaceutical division, Daniel O'Day, will leave Roche at the end of 2018 and for Gilead, cementing the firm's oncology commitment.
There's too much uncertainty to assume a significant hit to prices.