June 23, 2014
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Akorn sells ECR Pharmaceuticals to Valeant
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Akorn recently sold its subsidiary, ECR Pharmaceuticals, to Valeant Pharmaceuticals for $41 million in cash and the assumption of certain liabilities, the company announced in a press release.
As a result, Akorn will update its annual 2014 guidance during its second quarter earnings call in early August, according to the release.
“While ECR is a solid platform of branded products, it is not a strategic fit to our business model of focusing on niche dosage forms,” Raj Rai, Akorn’s CEO, said in the press release. “We believe this asset has better prospects for future growth and development under the leadership of a company like Valeant.”