21 May 2020 - Deborah Wilkes
Akorn has filed for bankruptcy protection, Navamedic has released financial results and Dr Kade has freshened up its image.
Akorn files for bankruptcy protection
Akorn says the company and its US subsidiaries have filed for voluntary protection under Chapter 11 of the US Bankruptcy Code.
The US-based generics, consumer healthcare and animal health company’s entities in India and Switzerland are not included in the filing.
Akorn said the move would allow it to carry out an “in-court sale of its business whilst addressing litigation-related overhangs and best positioning the business for long-term success under new ownership”.
Doug Boothe, president and chief executive officer, said Akorn looked forward to “separating legacy litigation and debt from the company's most valuable assets – our products, our people, our manufacturing facilities and our knowledge – so that we can move forward unencumbered by these liability exposures under new ownership that believes in our future”.
Navamedic releases financial results
Norwegian company Navamedic reported sales of NOK55.6 million (USD5.71 million) in the first quarter of 2020, representing a rise of 22.5% compared to the same period a year earlier.
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) were NOK0.7 million.
Commenting on the COVID-19 pandemic, the company said overall demand for its products was normal and delivery from suppliers was steady.
During the first quarter of 2020, Navamedic said it had successfully completed a private placement of NOK50 million to fund acquisitions, strategic investments and general corporate purposes.
In April 2020, Navamedic signed an exclusive distribution agreement for Angelini Pharma’s ThermaCare pain-management brand. Navamedic will take over marketing, sales and distribution of ThermaCare in the Nordic countries and the Netherlands from July 2020 (click here to read the News story).
The company plans to launch the probiotic Alflorex in the Netherlands in the second half of this year.
Reiten & Co – a Norwegian private-equity firm – acquired a 26.8% stake in Navamedic in November 2018.
Change of name for Dr Kade
Dr Kade Pharma has changed its name to Dr Kade Health Care. The German company has a new logo and a fresh website.