2 October 2018 - Deborah Wilkes
A court in the US has ruled that Germany's Fresenius can terminate its planned USD4.75 billion acquisition of US generics, OTC and animal health company Akorn.
However, the judgement by the Delaware Chancery Court is not yet final.
Akorn said it would appeal against the judgement. “We are disappointed by the ruling by the Delaware Chancery Court determining not to force Fresenius to close and we continue to believe Fresenius’ attempt to terminate the transaction is in breach of our binding merger agreement," commented the company.
The lawsuit was filed by Akorn on 23 April 2018, the day after Fresenius announced it was pulling out of the acquisition (click here to read the News story).
Fresenius said it had terminated the merger agreement due to Akorn's failure to meet several closing conditions. "An independent investigation initiated by Fresenius had revealed, among other things, material breaches of Food and Drug Administration (FDA) data integrity requirements relating to Akorn's operations," noted the company.
Fresenius announced in April 2017 that it had agreed to acquire Akorn in a deal worth approximately USD4.75 billion including debt (click here to read the News story).
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