Once valued at $4B, an embattled Akorn — nursing a market cap of roughly $37M — files for bankruptcy
Specialty generic drugmaker Akorn is filing for Chapter 11 weeks after giving up on finding itself a buyer amidst the Covid-19 pandemic.
In the past few years, Akorn received two FDA warning letters and lost out on a $4B takeover by Fresenius in 2018 due to an investigation that found Akorn had materially breached the FDA’s data integrity requirements.
Akorn generated net sales of $682M last year, down 2% from the $694M generated in 2018. As of March 2020, the company had net debt of $781,446.
