Deutsche Bank analyst Gregg Gilbert notes that it has been over six weeks since Fresenius (FSNUY) announced an investigation into alleged breaches of FDA data integrity requirements relating to product development at Akorn (AKRX). Akorn shares have continued to trade at a "huge discount" to the offer price of $34, "creating an interesting risk/reward dynamic," Gilbert tells investors in a research note. He sees $16 of share upside if the deal closes at the original offer price, and up to $11 of share downside based on his standalone analysis if the deal falls apart. It could be notable that the companies have so far not disclosed any adverse findings from the investigation, and that Akorn has continued to receive FDA approvals and launch new products in 2018, Gilbert contends. "This fact provides some comfort that there is not a broad issue underpinning product development, at least in the eyes of the FDA," he writes. Gilbert keeps a Hold rating on Akorn shares.