Akorn

Akorn Operating Company LLC (Akorn Inc. prior to its bankruptcy) is an American generic pharmaceuticals manufacturer based in Lake Forest, Illinois. The company deals in developing, manufacturing and marketing of generic and prescription drugs as well as animal and consumer health products. It was a component of the NASDAQ Biotechnology Index.

History

John Kapoor is not the founder, but has been a major shareholder since the 1990s.

Akorn acquired rival Hi-Tech Pharmacal in 2013.

In June 2015, it was reported that a hacker was trying to sell an Akorn customer database of more than 50,000 records. Akorn commented that "Although much of the information acquired is publicly available, we are in the process of notifying our valued customers about this incident".

In April 2017, Akorn agreed to be acquired by Fresenius for $4.3 billion. These plans were abandoned by Fresenius after Akorn couldn't meet basic requirements for an acquisition.

In October 2018, Akorn received Abbreviated New Drug Application (ANDA) approval from Food and Drug Administration (FDA) for Bimatoprost Ophthalmic Solution, 0.03%.

On May 21, 2020, Akorn filed for Chapter 11 bankruptcy, and entered in to a Restructuring Support Agreement with lenders, which represents over 75 percent of its secured debt. The filing is to assist with an in-court sale of the company "while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership".

References

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Companies formerly listed on the Nasdaq
Biotechnology companies of the United States
Pharmaceutical companies of the United States
Companies based in Lake Forest, Illinois
Health care companies based in Illinois
Biopharmaceutical companies
Generic drug manufacturers
Companies that filed for Chapter 11 bankruptcy in 2020
Companies traded over-the-counter in the United States

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