Bankruptcy Court Gives Green Light To Akorn Sale
Akorn “Working To Finalize Deal” With Existing Lenders
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.
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Despite the door being opened for generic competition to Restasis more than a year, no FDA approvals for ANDAs referencing the eye-disease drug have been forthcoming. However, that could change before the year is out.
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 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.