May 21, 2020 / 6:20 PM / 6 days ago

Drugmaker Akorn files for bankruptcy protection after failed sale

Generic drugmaker Akorn Inc filed for bankruptcy protection late Wednesday, citing the overhang of litigation stemming from German healthcare company Fresenius SE’s decision two years ago to terminate an over $4 billion acquisition of the company.

Akorn’s Chapter 11 filing in federal bankruptcy court in Wilmington, Delaware is part of an effort to pursue a new sale after it failed outside of court to find a buyer, partly due to the COVID-19 pandemic’s impact on the availability of financing.

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