In separate statements, both companies said there was no certainty the discussions would lead to a deal.
Illinois-based Akorn – which had sales of US$1.1bn last year - has a current market cap of about US$3.7bn.
Asthma to heart medicines …
The Nasdaq-listed group makes branded and generic versions of ophthalmic, injectable and non-injectable drugs with manufacturing facilities in the US and outside the country.
Its biggest brand-name drugs include asthma treatment, Xopenex and heart medicine, Akten.
In premarket trading, Akorn shares were over 12% higher at US$33.45 each, having soared 18% higher on Friday having following reports of a bid.