Fresenius to terminate agreement, Akorn files complaint

Fresenius SE & Co. KGaA (Xetra:FRE; OTCQX:FSNUY) said on April 22 that it will terminate its acquisition agreement with Akorn Inc. (NASDAQ:AKRX) because the generics company failed to fulfill several closing conditions. Fresenius also noted that during its independent investigation of Akorn it found "material breaches of FDA data integrity requirements." Fresenius said in its FY17 earnings report that it had engaged external experts to conduct the investigation (see BioCentury, March 2).

Akorn then filed a complaint on April 23 with the Delaware Chancery Court asking that Fresenius be required to fulfill its obligations under the acquisition agreement. Akorn said Fresenius' attempt to terminate the deal "is completely without merit" and that the investigation is not a closing condition...