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AKRX

Akorn

$30.28

0.16 (0.53%)

, FSNUY

Fresenius SE

$20.14

0.475 (2.42%)

10:24
02/27/18
02/27
10:24
02/27/18
10:24

Akorn takeover seen in doubt as Fresenius investigates alleged breaches

Shares of Akorn (AKRX) are sharply lower after Fresenius (FSNUY) said it is conducting an investigation into alleged FDA data breaches, which may affect the merger agreement between the companies. Commenting on the news, Jefferies analyst David Steinberg told investors Fresenius is likely looking to reprice the transaction after several "very weak" Akorn quarters, or possibly terminate the merger. INVESTIGATION: On April 24, 2017, Fresenius announced it had agreed to acquire Akorn for approximately $4.3B, or $34.00 a share, plus the assumption of approximately $450M of debt. Last night, Fresenius announced that it is conducting an independent investigation, using external experts, into alleged breaches of FDA data integrity requirements relating to product development at Akorn. It added, "The Management and Supervisory Boards of Fresenius will assess the findings of that investigation. The consummation of the transaction may be affected if the closing conditions under the merger agreement are not met." In a press conference today, Fresenius CEO Stephan Sturm said, according to Reuters, "If the allegations prove to be conclusive and are so material that they would impact our targets, then we will withdraw from the contract." The company will go through with its planned acquisition of Akorn should its investigation find no data breaches, the CEO added. Meanwhile, Akorn stated: "To date, the company's investigation has not found any facts that would result in a material impact on Akorn's operations and the company does not believe this investigation should affect the closing of the transaction with Fresenius." TAKEOVER IN DOUBT: In a research note this morning, Jefferies' Steinberg told investors that the use of consultants seems to signal Fresenius is looking to reprice the transaction post several "very weak" Akorn quarters, or possibly terminate the merger. The analyst said that it is "very unclear" how events will play out, especially given that not much is known about Akorn's nearly 90 Abbreviated New Drug Applications, or ANDAs. Nonetheless, Steinberg highlighted that merger experts have generally viewed the transaction as "ironclad." The analyst reiterated a Hold rating and a $34 price target on Akorn's shares. Meanwhile, Raymond James analyst Elliot Wilbur told investors in a research note of his own that he believes the data integrity issues at Akorn could not only impact the company's approved products, but also its pipeline. Fresenius has consistently touted the pipeline as key to the acquisition, which is now likely to be compromised, Wilbur contended. He believes Akorn could be valued at $8 per share if data integrity issues exist and the company's existing portfolio or pipeline are compromised. The analyst reiterated a Market Perform rating on Akorn's shares. PRICE ACTION: In morning trading, shares of Akorn have dropped about 31% to $20.77.

AKRX

Akorn

$30.28

0.16 (0.53%)

FSNUY

Fresenius SE

$20.14

0.475 (2.42%)

AKRX Akorn
$30.28

0.16 (0.53%)

10/16/17
WELS
10/16/17
NO CHANGE
WELS
Outperform
Court ruling looks 'clearly negative' for Allergan, says Wells Fargo
Wells Fargo analyst David Maris says a federal judge ruling today that Allergan's (AGN) Restasis patents are invalid "appears clearly negative" for the company. Due to the magnitude of the potential damages involved, however, an at-risk generic launch is unlikely, Maris tells investors in an intraday research note. As such, the analyst continues to believe the earliest that a generic version of Restasis may enter the market is sometime in 2019. Maris keeps an Outperform rating on Allergan. He adds that today's court ruling is incrementally positive for generic Restasis filers, if approved, including Teva (TEVA), Mylan ( MYL) and Akorn (AKRN).
02/22/18
DBAB
02/22/18
NO CHANGE
DBAB
Hold
Akorn may be worth $9-$17 if Fresenius deal breaks, says Deutsche Bank
A "simple analysis implies significant downside" in shares of Akorn (AKRX) if the Fresenius SE (FSNUY) takeover breaks, Deutsche Bank analyst Gregg Gilbert tells investors in a research note. The analyst notes that since a speech on February 2 by the acting director of the Bureau of Competition at the FTC Bruce Hoffman, where he suggested that in transactions where complex drugs need to be divested, the FTC will require the divestiture of on-market products rather than pipeline products, the deal spread on Akorn's stock price and the $34 per share cash offer price has averaged 7% and is currently close to 8%. Assuming EBITDA multiples of 9-13 times for a standalone Akorn, the stock has a theoretical value of $9-$15 based on the company's Q3 EBITDA annualized and an $11-$17 share price based on estimated 2018 EBITDA, Gilbert writes. He keeps a Hold rating on Akorn with a $34 price target. He believes that the widening spread suggests concerns about the deal.
02/26/18
RAJA
02/26/18
NO CHANGE
RAJA
Market Perform
Akorn takeover by Fresenius 'may be kaput,' says Raymond James
In a research note titled "Die Fusion ist Kaput? Data Integrity Issues Likely Torpedo Fresenius Buy of AKRX," Raymond James analyst Elliot Wilbur believes the data integrity issues at Akorn (AKRX) could not only impact the company's approved products, but also its pipeline. Fresenius (FSNUY) has consistently touted the pipeline as key to the acquisition, which is now likely to be compromised, Wilbur contends. He believes Akorn could be valued at $8 per share if data integrity issues exist and the company's existing portfolio or pipeline are compromised. Akorn's base generics business has seen a "dramatic deterioration" over the past three quarters, Wilbur points out. He keeps a Market Perform rating on the stock.
02/27/18
JEFF
02/27/18
NO CHANGE
Target $34
JEFF
Hold
Akorn takeover by Fresenius may be in doubt, says Jefferies
The alleged Akorn (AKRX) data breaches by Fresenius SE (FSNUY) may put the terms of the merger agreement in doubt, Jefferies analyst David Steinberg tells investors in a research note. The use of consultants seems to signal Fresenius is looking to reprice or possibly terminate the merger, the analyst contends. He notes, however, that merger experts have generally viewed the transaction as "ironclad." Steinberg keeps a Hold rating on Akorn with a $34 price target.
FSNUY Fresenius SE
$20.14

0.475 (2.42%)

11/17/17
UBSW
11/17/17
DOWNGRADE
UBSW
Sell
Fresenius SE downgraded to Sell from Neutral at UBS
UBS analyst Ian Douglas-Pennant downgraded Fresenius SE to Sell saying he expects pricing pressure to spread to injectables. The rate of injectable generic drug approvals in the U.S. has increased 40% over the past year years, and those to compete against Fresenius' Kabi more than tripled, the analyst contends. He cut his price target for the shares to EUR 57 from EUR 74.

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