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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