Akorn, Inc. (AKRX) Accused of Jeopardizing Acquisition
On April 24, 2017, Fresenius SE Co. KGaA (“Fresenius”) agreed to acquire Akorn, Inc. (AKRX), with the transaction expected to close by early 2018. Akorn subsequently discussed the company’s compliance with U.S. Food and Drug Administration (“FDA”) regulations in its public filings, noting that all of the company’s FDA approved facilities received satisfactory status from the FDA. According to the complaint, however, the company failed to mention that Fresenius’ acquisition of Akorn could be in jeopardy due to potential breaches of FDA data integrity requirements relating to product development at Akorn. On this news, Akorn’s stock fell over 38% to close at $18.65 per share on February 27, 2018.
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