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.”
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