Fresenius Kabi Braced For ‘Pyrrhic Victory’ In Akorn Damages Lawsuit
As COVID-19 Takes A Bite Out Of Profit
Fresenius Kabi says a decision on damages stemming from its aborted takeover of troubled Akorn is expected imminently, but has underlined it will not reap enormous riches with a victory. Meanwhile, the German firm has just initiated Phase III trials for a key biosimilar candidate.
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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.
Fresenius Kabi is looking to make headway into biosimilars but saw its progress limited by COVID-19 in Q2. Management gave an update on the company’s endeavors during the Q2 earnings call, including key tender victories.
Fresenius Kabi’s Idacio biosimilar adalimumab rival to Humira will from the start of June be marketed in Germany by Medac, following a deal between the two companies.