Akorn Pharmaceuticals, whose finances unraveled after manufacturing issues bombed a $4.3 billion buyout by Fresenius, is back at the negotiating table with lenders who are keeping it afloat.
In a two-sentence announcement, the Lake Forest, Illinois-based drugmaker Monday said that “negotiations with certain of its lenders are ongoing following the expiration of its standstill agreement on February 7, 2020.”
Sentence two was that the company continues to evaluate “strategic alternatives” to address its litigation-related liabilities and put it in a position to thrive.
In May, the company reached the standstill agreement, which was extended in November. It said Akorn must meet specific milestones and keep the lenders continuously and completely in the loop on every aspect of its business, including any new regulatory issues that surface.
Fresenius killed it Akorn merger in April 2018 after a data integrity investigation found big problems in the company’s manufacturing. Fresenius won the legal fight that ensued. As it's pressed on independently, Akorn has suffered a series of FDA warning letters. It appointed new CEO Douglas Boothe to right the course.