A merger with Pfizer’s (PFE) Upjohn would be positive for Mylan (MYL) shareholders, Mizuho analyst Irina Koffler tells investors in a research note. She believes the potential deal would value Mylan at $37 per share, based on an eight-times multiple of 2020 EBITDA of $9.3B, and $26B in debt. This is a “Goldilocks scenario for Mylan, with favorable risk/reward,” Koffler tells investors in a research note. However, the analyst awaits further deal certainty and reiterates Neutral rating on Mylan shares. The stock in premarket trading is up 27%, or $5.04, to $23.50 in premarket trading.