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© fresenius Business | April 25, 2018

Fresenius terminates merger agreement with Akorn

Germany headquartered medical company Fresenius has decidedto terminate the company’s merger agreement with Akorn, due to "Akorn’s failure to fulfill several closing conditions".
Fresenius’ decision is based on, among other factors, material breaches of FDA data integrity requirements relating to Akorn’s operations found during Fresenius’ independent investigation, a press release states. Fresenius offered to delay its decision in order to allow Akorn additional opportunity to complete its own investigation and present any information it wished Fresenius to consider, but Akorn has declined that offer.

On Apr. 23, 2018, the company also filed a complaint in Delaware Chancery Court asking that Fresenius Kabi AG be required to fulfill its obligations under the definitive merger agreement, and issued the following statement in conjunction with the filing:

“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. The investigation is not a condition to closing and the only remaining condition is approval from the Federal Trade Commission. We intend to vigorously enforce our rights, and Fresenius’ obligations, under our binding merger agreement.”

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September 21 2018 11:51 am V11.0.0-1