Akorn CEO Steps Down After Loss of $4.3 Billion Fresenius Deal

Source: Bloomberg

Akorn’s CEO stepped down after the Delaware Supreme Court ruled that a rapid downturn in its business was grounds for Fresenius SE to walk away from a $4.3 billion buyout of the generic drugmaker, according to a Bloomberg News report.

Officials of Akorn said on Friday that Chief Executive Raj Rai was retiring now that its dispute with the German pharma company had been ended by the appellate court’s decision. A panel of judges upheld a finding that a drop in revenue and other problems prior to the deal’s closing triggered Fresenius’s right to abandon the buyout.

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