MS - Ultragenyx: Upside But Not Without Risk

• The recent acquisition of rare dug heavyweight Alexion Pharmaceuticals signals a willingness of big pharma to enter the field.
• Typically, big pharma was interested in larger patient populations however the lack of commercial ready products has broaden their focus.
• With interest rates continuing to scrap multi-decade lows financing is extremely attractive which opens a path for a step-up in M&A in 2021.
• My belief is Ultragenyx is the next rare drug manufacturer to be acquired as will be detailed in the report below.

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