RBC Capital analyst Randall Stanicky says he remains optimistic that Akorn (AKRX) can complete the audit process by May 9 and that the company remains a potential takeout candidate despite one less near-term buyer in Mylan (MYL). Mylan's purchase of Meda puts a potential buyer on the sidelines for now, Stanicky tells investors in a research note. He had viewed Mylan as the most likely suitor followed by Perrigo (PRGO). Applying the price paid for Meda yields a $47 per share buyout price target for Akorn, the analyst notes. He lowered his price target for Akorn shares to $37 from $52 and keeps an Outperform rating on the name.

Perrigo announced that pharmaceutical company Esteve Healthcare has signed a binding offer to acquire Perrigo's HRA Pharma Rare Diseases business for a total consideration of up to EUR 275M, consisting of an upfront cash payment of EUR 190M and up to EUR 85M in potential earnout payments based on the Rare Diseases business achieving certain sales milestones. Following the information and consultation process with HRA Pharma Works Council in France, Perrigo would be able to exercise the put option granted by Esteve and enter into a definitive agreement with Esteve for the sale of the Rare Diseases business. The proposed final transaction is expected to close during the third quarter of 2024, subject to the satisfaction of the HRA Works Council consultation and customary closing conditions, including receipt of regulatory approvals.