Bankruptcy Court Gives Green Light To Akorn Sale
Akorn “Working To Finalize Deal” With Existing Lenders
Just three years after Fresenius Kabi agreed a $4.75bn takeover of the US injectables specialist, Akorn has obtained approval from a US bankruptcy court for its sale to the company’s existing lenders, having filed for Chapter 11 bankruptcy earlier this year.
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Akorn is facing questions after suddenly shutting down its operations and terminating its employees, with a chapter 7 bankruptcy filing on the cards. Answers are being sought over why the company did not provide advance warnings to employees given the precarious state of its finances.
Akorn has announced a $230m all-cash deal to divest its consumer healthcare business to Prestige Consumer Healthcare. The transaction will allow Akorn – which recently went through bankruptcy proceedings – to invest in optimizing its prescription business.
US injectables specialist Akorn has begun to review strategic alternatives for its consumer health business, as the company looks at divesting some of its brands to increase financial flexibility and focus on its prescription generic and branded portfolio.