Gener­ic drug­mak­er Ako­rn shut­ters Illi­nois plant, lays off 400 em­ploy­ees

Gener­ics play­er Ako­rn Phar­ma­ceu­ti­cals said to­day that it’s shut­ter­ing a ster­ile man­u­fac­tur­ing site in De­catur, IL and lay­ing off up to 400 em­ploy­ees, ac­cord­ing to LinkedIn posts and a WARN no­tice.

In May 2020, the com­pa­ny agreed to file for bank­rupt­cy, 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, IL-based drug­mak­er’s as­sets, set­ting a base­ment price for the court-su­per­vised sale of the busi­ness, but Ako­rn’s en­ti­ties in In­dia and Switzer­land are ex­empt from the bank­rupt­cy process.

Endpoints News

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.