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Vertex rating unchanged at BMO after Concert deal

March 7, 2017

BMO Capital analyst Do Kim reiterates Market Perform rating and $78 price target on Vertex Pharmaceuticals (NASDAQ: VRTX), noting the management’s success bolstering the company’s CF portfolio with its acquisition of Concert’s CTP-656.

Kim comments, “We believe Vertex’s acquisition of Concert’s CTP-656, a deuterated ivacaftor (Kalydeco), removes a key potential competitor in the cystic fibrosis space. In addition, CTP-656 could replace Kalydeco in the triple combo, allowing a once-daily (QD) regimen, which would offset an important advaVertex Pharma (NASDAQ: VRTX)
ntage of Galapagos’s QD triple combo in development. We also believe CTP-656’s later patent expiration date (2032 vs. 2027 for Kalydeco) will be an important lifecycle management component of Vertex’s cystic fibrosis franchise.”

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