UPDATE: Wedbush Downgrades MAP Pharmaceuticals to Neutral, Reiterates $25 PT on Likely Acquisition

In a report published Friday, Wedbush downgraded its rating on MAP Pharmaceuticals MAPP from Outperform to Neutral, and reiterated its $25.00 price target. Wedbush noted, “Allergan previously announced its intent to acquire Map Pharmaceuticals for $25 per share and Allergan initiated a tender offer which expired on February 28th. The tender offer acquired about 75.1% of all outstanding fully diluted shares of MAPP, which satisfied a majority. In order to complete a short-form merger, Allergan will exercise a top-up option in which Allergan will purchase newly issued shares of MAPP in order for Allergan to own one share more than 90% of outstanding shares. We estimate completion of the acquisition in March/April.” MAP Pharmaceuticals closed on Thursday at $24.99.