Friday, 21 September, 2018


Akorn Sues Fresenius Medical Over Terminated Merger Agreement

Akorn Sues Fresenius Medical Over Terminated Merger Agreement Akorn Sues Fresenius Medical Over Terminated Merger Agreement
Conrad Doyle | 24 April, 2018, 09:15

Akorn said that Fresenius' attempt to terminate the transaction on the pretext that the findings from the ongoing investigation are a breach of the merger agreement is completely without merit.

Back in April 2017, Fresenius Kabi announced its agreement to acquire Akorn, a US-based manufacturer and marketer of prescription and over-the-counter pharmaceutical products, for approximately USD4.3 billion, or USD34.00 a share, plus the assumption of about USD450 million of debt. It said it had offered to delay its decision until Akorn had completed its own investigation, but was turned down, setting up a potential legal battle with the United States company over the aborted takeover.

This action comes one day after Fresenius announced that it would be terminating the merger agreement with Akron.

Investors had become increasingly wary of the deal since Fresenius announced it was buying the USA maker of generic cancer drugs a year ago.

"We categorically disagree with Fresenius's accusations", Akorn said.

German healthcare group Fresenius SE said it had made a decision to pull out of its planned acquisition of Akorn after it found data integrity breaches at the USA generic drug maker. Investors and industry watchers were left wondering further after company executives disclosed on an earnings call that the origin of the investigation was an anonymous tip about breaches at Akorn.

Akorn closed at US$19.70 on Friday last week, about 42 percent below Fresenius' US$34-a-share price. "The likely outcome will be a nominal walk-away settlement".

Lake Forest, Illinois-based Akorn's shares have traded well below Fresenius' offer price since the end of February, when the German company said violations of FDA rules could imperil the takeover.

Fresenius shares had lost about 11 per cent since the Akorn deal was announced on April 24 of a year ago, compared with a 4.5 per cent increase in Germany's benchmark DAX Index.

Fresenius also manages hospitals in Germany and Spain and controls Fresenius Medical Care, the world's biggest provider of kidney dialysis.

The German group's separately-listed Fresenius Medical Care (FMC) subsidiary struck a deal on Saturday to sell its majority stake in Sound Inpatient Physicians Holdings for $2.15 billion, less than four years after buying it.

Fresenius confirmed its guidance for adjusted group sales to rise between five and eight percent in constant currencies in 2018, with adjusted net income expected to increase between six and nine percent.

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