William Blair analyst Tim Lugo believes comparable deals put Akorn's (AKRX) takeout value between $36 and $48 per share. The stock in premarket trading is up $3.72 to $33.49 after the company confirmed it is in takeover talks with Fresenius SE (FSNUY). Lugo adds, however, that pricing dynamics in the generic sector make the upper end of the potential buyout range unlikely. He notes Akorn's largest shareholder, Dr. John Kapoor, is chairman of the board and also a major shareholder in Insys Therapeutics (INSY). He's most important decision maker in a potential deal, Logo contends. The analyst keeps an Outperform rating on Akorn.