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Akorn Files for Bankruptcy, Closes All Facilities in US

Akorn Files for Bankruptcy, Closes All Facilities in US

March 06, 2023

Akorn Pharmaceuticals, a maker of generic and branded drugs, has announced that it is ceasing operations business. The company, which provided over 20 ophthalmic products, has filed for chapter 7 bankruptcy, and will close all facilities in the United States. 

In a letter posted by the Herald & Review in Illinois, Akorn CEO Douglas Boothe mentioned that the company attempted to sell itself but did not receive any suitable offers, resulting in the company shutting down its US operations and laying off its remaining workforce.

"Despite the best efforts from all parties and interest from potential buyers, the company did not receive an appropriate bid that would address outstanding liabilities," Mr. Boothe stated. "In light of the company running at a loss for some time, the company's lenders will not provide the additional financing required to continue to run the business."

Théa Pharma announced in March 2022 that it had successfully acquired seven branded ophthalmic products from Akorn. The products acquired by Théa include Zioptan, Cosopt, Cosopt PF, Betimol, Azasite, Akten, and AcellFX, which are established glaucoma therapies and an ocular surface repair agent. However, the financial details of the acquisition were not disclosed.

About Akorn Pharmaceuticals 

Akorn is a pharmaceutical company dedicated to the development, production, and marketing of specialty pharmaceuticals that improve people's lives. With a focus on prescription, consumer health, and animal health products, Akorn is a leader in both branded and generic pharmaceuticals, particularly in alternate dosage forms such as ophthalmics, injectables, oral liquids, optics, topicals, inhalants, and nasal sprays.