Akorn

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Akorn Operating Company LLC
FormerlyAkorn Inc.
Company typePrivate
IndustryPharmaceutical
Founded1971; 53 years ago (1971)
Defunct2023 (2023)
FateBankruptcy
HeadquartersLake Forest, Illinois, U.S.
Websitewww.akorn.com

Akorn Operating Company LLC (Akorn Inc. prior to its bankruptcy) was an American generic pharmaceuticals manufacturer based in Lake Forest, Illinois. The company dealt in developing, manufacturing and marketing of generic and prescription drugs as well as animal and consumer health products.[1] It was a component of the NASDAQ Biotechnology Index.

History

John Kapoor is not the founder but has been a major shareholder since the 1990s.[2]

Akorn acquired rival Hi-Tech Pharmacal in 2013.[3]

In June 2015, it was reported that a hacker was trying to sell an Akorn customer database of more than 50,000 records. Akorn commented that "Although much of the information acquired is publicly available, we are in the process of notifying our valued customers about this incident".[4]

In April 2017, Akorn agreed to be acquired by Fresenius for $4.3 billion.[5] These plans were abandoned by Fresenius after Akorn couldn't meet basic requirements for an acquisition.[6]

In October 2018, Akorn received Abbreviated New Drug Application (ANDA) approval from Food and Drug Administration (FDA) for Bimatoprost Ophthalmic Solution, 0.03%.[7]

On May 21, 2020, Akorn filed for Chapter 11 bankruptcy and entered in to a Restructuring Support Agreement with lenders, which represents over 75 percent of its secured debt. The filing is to assist with an in-court sale of the company "while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership".[8]

On September 14th 2022 Akorn was sued by the government for its pricings. Akorn payed $7.9 Million to "Resolve Allegations of Fraudulent Billing".[9]

On February 22, 2023, on a brief Teams call, Douglas Boothe CEO of Akorn announced that the company had filed for Chapter 7 bankruptcy. All operations were ceased, and all employees were laid off, effective immediately. [10]

References

  1. ^ "Akorn SuccessStory". successstory.com. Retrieved 2020-04-16.
  2. ^ "John Kapoor". Forbes. Retrieved 12 May 2015.
  3. ^ "Eye drug maker Akorn to buy rival Hi-Tech Pharmacal for $640 million". Reuters. 27 August 2013. Retrieved 2 August 2017.
  4. ^ "Akorn Inc. has customer database stolen, records offered to highest bidder". CSO. 18 June 2015. Retrieved 28 June 2015.
  5. ^ "Fresenius Buys Akorn for $4.3 Billion in U.S. Expansion". Bloomberg. 24 April 2017. Retrieved 23 September 2017 – via www.bloomberg.com.
  6. ^ Renauer, Cory (2018-12-06). "Here's Why Akorn Pharmaceuticals Is Sinking Today". The Motley Fool. Retrieved 2020-01-22.
  7. ^ "Akorn (AKRX) Receives ANDA Approval from FDA for Bimatoprost Ophthalmic Solution, 0.03%". StreetInsider.com. Retrieved 2018-10-23.
  8. ^ "Akorn files for Chapter 11 bankruptcy protection". WAND. 2020-05-21. Retrieved 2020-05-24.
  9. ^ "District of Massachusetts | Pharmaceutical Company Akorn Operating Company LLC Agrees to Pay $7.9 Million to Resolve Allegations of Fraudulent Billing | United States Department of Justice". www.justice.gov. 2022-09-14. Retrieved 2024-02-06.
  10. ^ "Akorn Pharmaceuticals announces bankruptcy, lays off hundreds in Decatur". WCIA. February 22, 2023. Retrieved February 22, 2023.

External links

  • Official website
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