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.
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