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Latest From Akorn, Inc.
Akorn aims for “long-term growth and a brighter future” after exiting Chapter 11 protection that it had filed for in May 2020. After completing the sale to its lenders, the company is now operating as a private entity under the legal name, Akorn Operating Company LLC.
Just three years after Fresenius Kabi agreed a $4.75bn takeover of the US injectables specialist, Akorn has obtained approval from a US bankruptcy court for its sale to the company’s existing lenders, having filed for Chapter 11 bankruptcy earlier this year.
As the global generics industry had predicted, the unexpected growth seen in the first quarter of 2020 due to forward buying caused by COVID-19 levelled off in the second quarter. However, a few companies managed to report a “mixed” second quarter or a positive first half for 2020, even after experiencing challenges, such as operational interruptions, posed by the pandemic.
Despite the door being opened for generic competition to Restasis more than a year, no FDA approvals for ANDAs referencing the eye-disease drug have been forthcoming. However, that could change before the year is out.
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