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Leerink upbeat on Vivus after Stendra deal

  • Leerink is out with some commentary on Vivus' (VVUS +8.6%) Stendra deal with Auxilium Pharmaceuticals (AUXL).
  • Analyst Marko Kozul thinks the marketing agreement says something about the ability of VVUS' new management to strike deals — this of course bodes well for a potential Qsymia partnership.
  • "Possibly more important than the terms of this deal, could be that this partnership demonstrates that the new VVUS management is capable of executing on partnership deals,"  Kozul notes, adding that although "a Qsymia partnership deal [will be] significantly more complex and provide larger terms, the Strendra partnership [is] a step in the right direction."
  • Outperform rating reiterated, price target is $20.
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