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One day after a damning appraisal by U.S. regulators of Bayer’s (BAYGn.DE) Xarelto pill, analysts took stock of what the group could be worth without its most important pipeline drug, and some now see it as a takeover target.

The prevailing view is that the share rout that followed the Food and Drug Administration’s preliminary verdict on Tuesday made Bayer quite a bargain, even in the worst case that Xarelto wins no or only a small inroad in the world’s largest drug market.

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