Akorn receives court approval of sale to lenders

Akorn, a leading specialty pharmaceutical company, today announced that the United States Bankruptcy Court for the District of Delaware has approved its sale to the company's existing lenders.

“We are pleased to have received court approval for our sale, achieving a critical milestone that will allow us to move beyond this process under a new ownership structure in the coming weeks. I want to thank our lenders, associates, customers, and suppliers for their partnership and support throughout this process. With the backdrop of the COVID-19 pandemic, our mission of bringing pharmaceutical products to patients, caregivers, and hospitals is more important than ever, and we look forward to redoubling our focus on this vital work," Doug Boothe, Akorn's president and CEO said.

Akorn said it is working to finalize customary closing obligations and anticipates the sale will be completed in the next few weeks. The company also said it will continue its normal operations and meet commitments to its stakeholders, and "looks forward to emerging as a more vibrant company, even better positioned to improve patients' lives through the quality, availability and affordability of its products.”