Akorn Blasts Judge’s Blessing of Fresenius Deal Cancellation (1)

A judge improperly rewrote Delaware law by finding German drugmaker Fresenius SE had legitimate grounds for canceling its $4.3 billion buyout of U.S. rival Akorn Inc., the maker of generic medications and spurned target told an appeals court.

In a filing Oct. 29 with the Delaware Supreme Court, Akorn criticized Delaware Chancery Judge Travis Laster’s precedent-setting conclusion that a litany of operational miscues, coupled with an unexpected earnings drop, amounted to a clear “material adverse change” that justified the deal’s cancellation.

Laster committed a bevy of “reversible errors’’ that provide a “blueprint for future remorseful buyers’’ looking for pretextual ...