Ako­rn Phar­ma­ceu­ti­cals files for bank­rupt­cy, clos­es fa­cil­i­ties and will liq­ui­date

The gener­ic drug man­u­fac­tur­er Ako­rn Phar­ma­ceu­ti­cals has filed for bank­rupt­cy and will close its fa­cil­i­ties across the US, liq­ui­date its as­sets and end op­er­a­tions, it said in a court fil­ing.

Ac­cord­ing to an un­dat­ed let­ter from CEO Dou­glas Boothe that was post­ed by the Illi­nois news site Her­ald & Re­view, Ako­rn start­ed the process last year to sell the com­pa­ny but did not re­ceive a bid. In the let­ter, Boothe states that the man­u­fac­tur­er has been “run­ning at a loss for some time” and that its lenders would not give it more fund­ing, and as a re­sult, it was “clos­ing all US sites and lay­ing off all em­ploy­ees ef­fec­tive im­me­di­ate­ly as of Thurs­day Feb­ru­ary 23.”

Unlock this article instantly by becoming a free subscriber.

You’ll get access to free articles each month, plus you can customize what newsletters get delivered to your inbox each week, including breaking news.

SIGN UP LOG IN BECOME A PREMIUM SUBSCRIBER