After ANI Pharmaceuticals (ANIP) acquired the rights to an "Acthar-similar" discontinued NDA from Merck (MRK), Leerink analyst Jason Gerberry estimated that the ANI product could translate into a $4-$8 per share negative impact to Mallinckrodt (MNK) based on potential lost sales from Acthar. However, the analyst said that assumes 100% probability of success for the ANI product, whose development pathway is unclear, and noted that Mallinckrodt shares have already declined by an amount at the high-end of that estimate. Gerberry, who sees the "Acthar-similar" as more of a niche product, has an Outperform rating and $114 target on Mallinckrodt.