Beleaguered Akorn Files For Bankruptcy
Pursues Chapter 11 Process After Defaulting On Term Loan
Akorn and its subsidiaries in the US have gone ahead with a Chapter 11 bankruptcy filing, paving the way for an in-court sale of the business and bringing the curtain down for now on the story of one of the hottest generic injectable properties of the last decade.
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Akorn agrees with DoJ to pay $7.9m to settle allegations it deliberately sold three as Rx three ingredients moved to OTC. Mislabeling led Medicare Part D to pay for the drugs for around a year despite the products not being eligible for coverage.
Akorn has agreed to pay out $7.9m to settle allegations that it deliberately sold three generic drugs as prescription-only when they should have been classed as over-the-counter, in a deal with the US Department of Justice. The mislabeling led Medicare Part D to pay out for the drugs for around a year despite the products not being eligible for Medicare coverage.
Mergers and acquisitions have long been a tool for value creation in the generics and biosimilars space. Even with the entire life sciences sector overwhelmed by the novel coronavirus pandemic, deals big and small continued in 2020.