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AKRX

Akorn

$18.24

-0.17 (-0.92%)

, FSNUY

Fresenius SE

$19.31

-0.495 (-2.50%)

07:50
04/12/18
04/12
07:50
04/12/18
07:50

Akorn offers 'interesting' risk/reward on potential takeover, says Deutsche Bank

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.

AKRX

Akorn

$18.24

-0.17 (-0.92%)

FSNUY

Fresenius SE

$19.31

-0.495 (-2.50%)

AKRX Akorn
$18.24

-0.17 (-0.92%)

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.
03/01/18
DBAB
03/01/18
NO CHANGE
Target $34
DBAB
Hold
Akorn upside/downside 'looking more interesting,' says Deutsche Bank
Deutsche Bank analyst Gregg Gilbert believes the upside versus downside profile for Akorn (AKRX) is "looking more interesting" following the recent pullback in the shares. The current stock price suggests "significant skepticism" around the closing of the Fresenius SE (FSNUY) takeover, Gilbert tells investors in a research note. While it is very difficult to know how the data beach investigation changes the likelihood and timing of a deal closing, it is worth noting that the stock has $17 of upside if the deal closes and up to $8 downside if the deal falls apart, the analyst contends. He keeps a Hold rating Akorn with a $34 price target.
03/07/18
PIPR
03/07/18
NO CHANGE
Target $34
PIPR
Neutral
Akorn worth $16-$18 per share as standalone company, says Piper Jaffray
Piper Jaffray analyst David Amsellem believes fair value for Akorn (AKRX) as a standalone entity is $16 to $18 per share. The analyst updated his model following the company's annual filing but is not opining on whether the Fresenius (FSNUY) transaction will close at the proposed price of $34 per share. "We simply do not have enough insight into the nature of the data integrity issues" regarding Akorn's pipeline products, Amsellem tells investors in a research note. He keeps a Neutral rating on Akorn shares with a $34 price target.
03/29/18
RBCM
03/29/18
NO CHANGE
Target $25
RBCM
Sector Perform
Akorn price target lowered to $25 from $34 at RBC Capital
RBC Capital analyst Randall Stanicky lowered his price target on Akorn (AKRX) to $25 on "probability-adjusted scenario analysis" around the company's ongoing takeover discussions with Fresenius (FMS). Stanicky says that while the closing of the deal is the most likely outcome, there is some uncertainty based on last month's reports of "data integrity breaches" at Akorn. The analyst adds that his calls to Fresenius management have not yielded any updates, keeping his Sector Perform rating on Akorn.
FSNUY Fresenius SE
$19.31

-0.495 (-2.50%)

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.

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