Akorn Pharma Closes All US Sites

Five years ago, the company was nearly acquired by German pharmaceutical group Fresenius for $4.3B.

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According to a recent FiercePharma article, Akorn Pharmaceuticals has filed for bankruptcy, and will close all of its US sites and lay off its entire workforce. The company, which was almost acquired by German pharmaceuticals group Fresenius in 2018 for $4.3B, blames increased competition and pricing pressures in the US generic drug market, as well as issues with its manufacturing facilities, as the main culprit behind its bankruptcy filing.

Akorn's struggles have been ongoing since 2017 when the company was hit by a series of FDA warnings and recalls due to problems at its Illinois manufacturing facility. Following the failed acquisition, Akorn faced significant debts and struggled to compete in the crowded US generic drug market. In December 2021, the company defaulted on its debt payments and announced that it was exploring strategic options, including a sale of the company. However, no buyers emerged, and the company has now been forced to file for bankruptcy.