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Akorn appeals Fresenius' $4.3B deal termination in Del. Supreme Court

Akorn Inc. filed an appeal with Delaware's top court against a lower court verdict that upheld Fresenius SE & Co. KGaA's terminating of its $4.3 billion merger agreement with Akorn.

Lake Forest, Ill.-based Akorn filed an appeal in the Supreme Court of Delaware against an Oct. 1 decision by the Delaware Court of Chancery, which found Fresenius' termination of the merger due to data integrity issues surrounding Akorn to be valid and dismissed Akorn's claim that Fresenius CEO Stephan Sturm had experienced buyer's remorse and ordered his lawyers to form a case in order to end the deal.

In April 2017, German healthcare services company Fresenius planned to acquire Akorn at $34 per share, along with the assumption of about $450 million in debt. However, it withdrew from the deal because several closing conditions were not met and noted that an independent investigation found Akorn in breach of the U.S. Food and Drug Administration's data integrity requirements.

Akorn in return filed a lawsuit against Fresenius alleging breach of contract and asking the German company to fulfill its merger accord.

The generic-drug maker said the allegations Fresenius made throughout the trial regarding its regulatory compliance practices and activities are misleading.

Akorn also said it disagrees with the opinion the Court of Chancery issued and takes data integrity and other FDA compliance issues very seriously.