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Roche Won't Buy Alexion Because Deal Is Too Expensive

Again, at a lower price, it would be easier for Roche to take the plunge but not at the current Alexion price tag.

Jim might be right, but only if Roche does something foolish and out of character.

If Roche really wants to get into the orphan drug business, buying Vertex would be a better fit, in my opinion. Vertex is going to dominate the cystic fibrosis treatment market for the foreseeable future, which is as big a commercial opportunity, if not larger, than anything Alexion is working on. Plus, with Vertex, Roche could also bolster its sagging hepatitis C business. A Roche acquisition of Vertex might be just as expensive as buying Alexion, but from a strategic standpoint, the former makes more sense to me.

[I've already called for Vertex to buy Sarepta Therapeutics (SRPT), so maybe that deal should happen first, before Roche steps in. Yes, I know, I'm just dreaming.]

-- Reported by Adam Feuerstein in Boston.

Adam Feuerstein writes regularly for TheStreet. In keeping with company editorial policy, he doesn't own or short individual stocks, although he owns stock in TheStreet. He also doesn't invest in hedge funds or other private investment partnerships. Feuerstein appreciates your feedback; click here to send him an email.
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