Akorn, a specialty pharmaceutical company with manufacturing operations in Decatur, is working to finalize closing obligations and anticipates the sale will be completed in the next few weeks, the company said in a statement.
"We are pleased to have received court approval for our sale, achieving a critical milestone that will allow us to move beyond this process under a new ownership structure in the coming weeks,” said Doug Boothe, Akorn's president and chief executive officer. “With the backdrop of the COVID-19 pandemic, our mission of bringing pharmaceutical products to patients, caregivers, and hospitals is more important than ever, and we look forward to redoubling our focus on this vital work."
The release went on to say the company will continue its normal operations and meet commitments to its stakeholders.
The company filed for bankruptcy protection in May. The company said the goal of bankruptcy action was to execute the sale of the generic pharmaceutical maker in the third quarter of 2020.
The Lake Forest, Illinois-based company operates a manufacturing plant at 1222 W. Grand Ave., which the company spent $25 million to expand in a project completed in 2018. It also operates a packaging facility on Wyckles Road which recently underwent a 30,000-square-foot expansion. The company is among the community's leading employers.
The German healthcare company Fresenius Kabi backed out of a $4.75 billion deal in 2018 amid allegations that Akorn's “representations regarding its compliance with regulatory requirements were not true and correct" and because of the "magnitude of the inaccuracies." In January 2019, the U.S. Food and Drug Administration sent a warning letter in regard to inspections of the drugmaker's Decatur plant in April and May 2018.
The letter said a regulator found contaminants on sterile gloves and didn't have proper procedures for stopping contamination of drugs, Reuters reported.
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