(https://www.cnbc.com/2026/08/28/biocryst-is-profitable-now-it-wants-to-buy-more-rare-disease-drugs.html) rare disease companies. The pattern is becoming a cycle: smaller profitable biotech buyers go hunting for acquisition targets, pay 6-8x revenue multiples, integrate the asset, and then struggle to hit synergy targets because rare disease franchises run lean. Look at AZN — posted annual revenue with net margins.

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