Akorn, Inc. (AKRX) News
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Latest AKRX News From Around the Web
Below are the latest news stories about Akorn Inc that investors may wish to consider to help them evaluate AKRX as an investment opportunity.
WeWork Board Factions Head for Clash Over New Directors(Bloomberg) -- WeWork’s board is scheduled to vote on appointing two new directors on Friday, a critical step in a clash between shareholder SoftBank Group Corp. and a rival faction at the troubled co-working startup.A lawyer for WeWork told Delaware Chancery Court Judge Andre Bouchard in a letter that the company plans a May 29 meeting to fill two empty independent director seats. The nominees are Alex Dimitrief, General Electric Co.’s ex-top lawyer, and Frederick Arnold, the former chief financial officer for Convergex Group.SoftBank and the rival board faction are feuding over the Japanese conglomerate’s decision to scrap a $3 billion deal to buy stock from WeWork’s former Chief Executive Officer Adam Neumann and other shareholders. SoftBank agreed to the purchase last year as it bai... |
Akorn, Inc. -- Moody's downgrades Akorn's PDR to D-PD following Chapter 11 filingMoody's Investors Service ("Moody's") downgraded Akorn, Inc.'s ("Akorn") Probability of Default Rating to D-PD from Ca-PD. This follows Akorn's May 20, 2020 announcement that it filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code[1]. Moody's also affirmed Akorn's other existing ratings including the Caa3 Corporate Family Rating and Caa3 senior secured term loan rating. |
Akorn Seeks Bankruptcy After Failed Takeover, FDA Warnings(Bloomberg) -- Akorn Inc. sought bankruptcy protection from creditors after a series of deficiencies uncovered about its quality-control methods resulted in the collapse of rival Fresenius SA’s buyout of the generic drugmaker and subsequent warning letters from the U.S. Food and Drug Administration.The Lake Forest, Illinois-based company listed as much as $10 billion of debt and $10 billion of assets in its Chapter 11 petition, filed on Wednesday in the Delaware bankruptcy court.In December of 2018, Fresenius SE backed out of its $4.3 billion offer for the company after it discovered issues with Akorn’s pharmaceutical production, quality control and drug testing. A Delaware judge later blessed that decision and is still considering whether Akorn owes Fresenius more than $70 million in d... |
Drugmaker Akorn files for bankruptcy protection after failed saleGeneric drugmaker Akorn Inc filed for bankruptcy protection late Wednesday, citing the overhang of litigation stemming from German healthcare company Fresenius SE's decision two years ago to terminate an over $4 billion acquisition of the company. |
The Daily Biotech Pulse: Mixed Filgotinib Readout For Gilead-Galapagos, Akorn To File For Chapter 11, D-Day For AquestiveHere's a roundup of top developments in the biotech space over the last 24 hours: Scaling The Peaks (Biotech stocks that hit 52-week highs on May 20.) ADC Therapeutics SA (NYSE: ADCT ) (went public May 15) Allogene Therapeutics Inc (NASDAQ: ALLO ) Ascendis Pharma A/S (NASDAQ: ASND ) (announced first-quarter results) Altimmune Inc (NASDAQ: ALT ) Biondvax Pharmaceuticals Ltd – ADR (NASDAQ: BVXV ) Cue Biopharma Inc (NASDAQ: CUE ) (reacted to first-quarter results) Evoke Pharma Inc (NASDAQ: EVOK ) (announced FDA's conditional approval for the brand name Gimoti for its nasal spray product candidate for the relief of symptoms in adult women with acute and recurrent diabetic gastroparesis) GENMAB A/S/S ADR (NASDAQ: GMAB ) I-Mab ADR (NASDAQ: IMAB ) Immunomedics, Inc. (NASDAQ: IMMU ) Intellia Th... |
Akorn Files Chapter 11 After Failure to Be AcquiredGeneric-drug maker Akorn filed a Chapter 11 petition. A deal with its lenders will enable it to continue a search for a buyer. |
Akorn Plummets 27% In Pre-Market On Bankruptcy FilingShares in niche pharmaceutical company Akorn (AKRX) are plunging 27% in Thursday’s pre trading on the news that the company has filed for voluntary protection under Chapter 11 of the U.S. Bankruptcy Code.The filing, made in United States Bankruptcy Court for the District of Delaware, is to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership.In connection with the filing, the company announced that it has also executed a Restructuring Support Agreement with lenders representing more than 75% of its secured debt, who will collectively serve as a “stalking horse” bidder in the company’s sale process. This means they will provide additional liquidity to fund the Akon’s business ope... |
Akorn to Use Voluntary Chapter 11 Process to Position Business for Long-Term SuccessAkorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company ("Akorn" or the "Company"), today announced that the Company and its U.S. subsidiaries filed for voluntary protection under Chapter 11 ("Chapter 11") of the U.S. Bankruptcy Code in United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court") to execute an in‑court sale of its business while addressing litigation-related overhangs and best positioning the business for long-term success under new ownership. In connection with the filing, the Company has executed a Restructuring Support Agreement with lenders representing more than 80% of its secured debt, who will collectively serve as a "stalking horse" bidder in the Company's sale process and provide additional liquidity to fund the Company's ... |
Forescout sues Advent to complete $1.9 billion mergerForescout Technologies Inc sued Advent International Corp on Wednesday, after the private equity firm pulled out of a deal to buy the U.S. cybersecurity company for $1.9 billion. Forescout asked the Delaware Court of Chancery to force Advent to complete the deal after the buyout firm notified it last Friday it would back out. In a statement, Advent responded that it had informed Forescout of the company's failure to maintain operations and financial resources as required under the agreement. |
Global Medical Cannabis Market Insights 2020, Featuring Insys Therapeutics, Alkem Laboratories, Akorn and Ascent Pharmaceuticals - ResearchAndMarkets.comDUBLIN--(BUSINESS WIRE)--The "Medical Cannabis Market Insights 2020, Analysis and Forecast Global and Chinese Market to 2025, by Manufacturers, Regions, Technology, Product Type" report has been added to ResearchAndMarkets.com's offering. The "2020 Global and Chinese Medical Cannabis" report provides key statistics on the market for medical cannabis. It is a valuable source of guidance and direction for companies and individuals interested in Medical Cannabis industry. Key points of Medical Can |