viewAkorn, Inc.

Akorn plunges after Germany's Fresenius Kabi ditches US$4.3bn acquisition deal

Withdrawal follows revelation of "alleged breaches of FDA data integrity requirements" at Akorn

small pills falling out of bottle
Akron intends to "vigorously enforce our rights, and Fresenius’ obligations, under our binding merger agreement"

Akorn Inc. (NASDAQ:AKRX) lost about one-third of its value in premarket trading after Germany's Fresenius Kabi AB announced it was pulling the plug on its planned US$4.3bn acquisition of the U.S. maker of generic drugs.

The announcement comes two months after Akorn revealed that it and Fresenius were investigating what was termed "alleged breaches of FDA data integrity requirements" related to product development at Akorn.

Fresenius cited the alleged data breaches in its decision to ditch its definitive agreement with Akron. Akorn responded today by saying the ongoing investigation of the alleged breaches "is not a condition to closing" and had "not found any facts that would result in a material adverse effect on Akorn’s business." Consequently, there was "no basis to terminate the transaction," Akorn said.

"We intend to vigorously enforce our rights, and Fresenius’ obligations, under our binding merger agreement," Akorn said.

Around 8 a.m. ET, Akron was trading in premarket action at around US$13.10 a share, down 33% from its closing price of US$19.70 last Friday, April 20.

Quick facts: Akorn, Inc.

Price: 1.385 USD

Market: NASDAQ
Market Cap: $174.71 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



OptiBiotix Health agrees exclusive deal for LPLDL in USA and Canada

Steve Prescott, the chief executive of ProBiotix, which is a wholly-owned subsidiary of OptiBiotix Health PLC (LON:OPTI), caught up for a brief chat with Proactive London's Andrew Scott after announcing they've signed a distributor agreement with Advanced NutriSolutions Inc./Select Ingredient...

3 hours, 38 minutes ago

2 min read