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NEW YORK (AP) - Shares of Bristol-Myers Squibb Co. and partner Sanofi-Aventis SA jumped Wednesday after the two drugmakers agreed to settle a patent challenge to the blood thinning drug Plavix.
Plavix is Bristol-Myers' best-selling drug and some analysts believe the company could become a takeover target with the patent dispute now resolved. Some analysts upgraded the company's stock and their price targets.
"I think Bristol-Myers is an excellent takeover candidate," said Jason Napodano, an analyst at Zacks Independent Research. "It has a bloated cost structure and some really good mid- to late-stage products."
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