Fresenius moves to terminate Akorn merger

Akorn has filed a complaint against Fresenius Kabi in Delaware Chancery Court after Fresenius moved to terminate its merger agreement with the company, according to an Akorn press release.

Fresenius announced the termination of the merger agreement Sunday, claiming Akorn has failed to fulfill several closing conditions and citing breaches of FDA data integrity requirements relating to Akorn’s operations, according to a press release from Fresenius.

Akorn, in turn, is asking the court that Fresenius be required to fulfill its obligations under the agreement.

“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. The previously disclosed ongoing investigation, of which we have voluntarily notified and are in regular communication with the Food and Drug Administration, has not found any facts that would result in a material adverse effect on Akorn’s business and therefore there is no basis to terminate the transaction,” Akorn stated in its release.

Fresenius planned to acquire Akorn for $4.3 billion, or $34 per share, the companies announced in 2017.