Ipsen's proposed acquisition of Memo Therapeutics in a deal that could top 700 million euros fits within the French drugmaker's dealmaking playbook of targeting underserved rare-disease populations, RBC Capital Markets' Natalia Webster and Charles Weston say in a research note. The deal expands Ipsen's rare-disease portfolio by adding experimental kidney drug potrivutig, which could hit the market from 2029 or 2030, the analysts say. "Potrivutig, a monoclonal antibody against BK polyomavirus, addresses genuine unmet need in kidney transplant recipients where no approved targeted therapies exist," they add. Ipsen's deals for Memo and for Kartos Therapeutics earlier this week are likely to leave it with an estimated net cash position of about 500 million euros at year-end, according to RBC. Shares fall 0.1%. (adria.calatayud@wsj.com)