Akorn has filed for Chapter 11 bankruptcy just three years after Fresenius Kabi agreed a $4.75bn takeover of the US injectables specialist, as the resulting litigation for damages from the failed deal, the company’s historic debt load and US Food and Drug Administration reprimands of key manufacturing facilities proved insurmountable barriers for the company.
Beleaguered Akorn Files For Bankruptcy
Pursues Chapter 11 Process After Defaulting On Term Loan
Akorn and its subsidiaries in the US have gone ahead with a Chapter 11 bankruptcy filing, paving the way for an in-court sale of the business and bringing the curtain down for now on the story of one of the hottest generic injectable properties of the last decade.
