"We see the deal is strategically positive and at an acceptable valuation," says Catherine J. Arnold of Credit Suisse First Boston in a research report to clients. Arnold, who has a neutral rating on Pfizer, said the transaction should boost Pfizer's presence in hospitals. Considering Pfizer's "need for products and its strong financial position, the price is not surprising," says Arnold, who doesn't own shares and whose firm has an investment banking relationship with Pfizer. "Given Vicuron's two potentially blockbuster products ... plus a development program for novel antibiotics, we view this price as fair," adds Winton Gibbons of William Blair & Co., in a report to clients Thursday. Gibbons doesn't own shares, and his firm doesn't have an investment banking relationship with Pfizer.