Once valued at $4B, an embattled Akorn — nursing a market cap of roughly $37M — files for bankruptcy
Scarred by a series of FDA warnings, a scorned buyer and the uncertainty of Covid-19, Akorn is finally throwing in the towel.
On Wednesday, the specialty generic drugmaker said it was filing for Chapter 11, weeks after it said it had given up on finding itself a buyer amidst the broader uncertainty of Covid-19.
Some of Akorn’s lenders have agreed to a stalking horse bid to purchase the Lake Forest, Illinois-based drugmaker’s assets, setting a basement price for the court-supervised sale of the business. On the docket are the company’s US business and subsidiaries — Akorn’s entities in India and Switzerland are exempt from the bankruptcy process. Akorn hopes to complete the sale process by the third quarter.