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Akorn Seeks Bankruptcy After Failed Takeover, FDA Warnings (2)

May 22, 2020, 5:37 PM

Akorn Inc. sought bankruptcy protection from creditors after a series of deficiencies uncovered about its quality-control methods resulted in the collapse of rival Fresenius SA’s buyout of the generic drugmaker and subsequent warning letters from the U.S. Food and Drug Administration.

The Lake Forest, Illinois-based company listed as much as $10 billion of debt and $10 billion of assets in its Chapter 11 petition, filed on Wednesday in the Delaware bankruptcy court.

In December of 2018, Fresenius SE backed out of its $4.3 billion offer for the company after it discovered issues with Akorn’s pharmaceutical production, quality control and ...