Akorn Poised For Ch. 11 Sale Following Failed $4.3B Merger

Law360 (February 12, 2020, 10:12 PM EST) -- Akorn Inc. said Wednesday it plans to sell all of its assets, potentially seeking Chapter 11 protection, to address litigation costs that have mounted in the wake of the generic-drug maker's failed $4.3 billion merger with Fresenius Kabi AG in 2018.

Fresenius walked away from its proposed acquisition of Akorn in April of that year after regulatory compliance issues at Akorn came to light. Akorn's stock then plummeted from $19.70 per share to $13.05 within the span of a day, and the company has since faced a slew of suits brought by investors.

Wednesday's announcement comes less than a week after...

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