Akorn Confirms Discussions with Fresenius Kabi
April 07 2017 - 5:58PM
Akorn, Inc. (Nasdaq:AKRX), a leading specialty generic
pharmaceutical company, today confirmed that Akorn is currently in
discussions with Fresenius Kabi, a subsidiary of Fresenius SE &
Co. KGaA (FWB:FRE), concerning a potential acquisition of Akorn.
Entry into a formal agreement with respect to a
transaction remains subject to, among other things, approval by the
Executive Board and Supervisory Board of Fresenius Management SE
and the board of directors of Akorn.
There can be no assurance any transaction will
result from these discussions, or as to the terms of any such
transaction. Neither Fresenius SE & Co. KGaA nor Akorn
intend to make any additional comments regarding these negotiations
unless and until it is appropriate to do so, or a formal agreement
has been reached.
About AkornAkorn, Inc. is a
specialty generic pharmaceutical company engaged in the
development, manufacture and marketing of multisource and branded
pharmaceuticals. Akorn has manufacturing facilities located in
Decatur, Illinois; Somerset, New Jersey; Amityville, New York;
Hettlingen, Switzerland and Paonta Sahib, India that manufacture
ophthalmic, injectable and specialty sterile and non-sterile
pharmaceuticals. Additional information is available on Akorn’s
website at www.akorn.com.
Forward Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
Readers can identify these statements by forward-looking words such
as “may,” “could,” “should,” “would,” “intend,” “will,” “expect,”
“anticipate,” “believe,” “estimate,” “continue”, “potential” or
similar words. A number of important factors could cause actual
results of Akorn and its subsidiaries to differ materially from
those indicated by such forward-looking statements. These
factors include, but are not limited to, (i) the possibility that a
potential transaction involving Fresenius will not be entered into
or completed; (ii) if a transaction is entered into, the terms and
conditions of any such transaction; (iii) whether the potential
benefits of any transaction would be realized; and (iv) the risk
factors detailed in Part I, Item 1A, “Risk Factors,” of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2016 (as
filed with the Securities and Exchange Commission on March 1, 2017)
and other risk factors identified herein or from time to time in
our periodic filings with the Securities and Exchange
Commission. In addition, if a formal agreement in respect of
the transaction is reached, there will be uncertainties related to
(a) the risk that the proposed transaction may not be completed in
a timely manner or at all; (b) the failure to receive, on a timely
basis or otherwise, any required approval of the proposed
transaction by Akorn’s shareholders; (c) the possibility that
competing offers or acquisition proposals for Akorn will be made;
(d) the possibility that any or all of the various conditions to
the consummation of the proposed transaction may not be satisfied
or waived, including the failure to receive any required regulatory
approvals from any applicable governmental entities (or any
conditions, limitations or restrictions placed on such approvals);
(e) the occurrence of any event, change or other circumstance
that could give rise to the termination of the formal agreement in
respect of the transaction, including in circumstances which would
require Akorn to pay a termination fee or other expenses;
(f) the effect of the announcement or pendency of the
potential transaction on Akorn’s ability to retain and hire key
personnel, its ability to maintain relationships with its
customers, suppliers and others with whom it does business, or its
operating results and business generally; (g) risks related to
diverting management’s attention from Akorn’s ongoing business
operations; and (h) the risk that shareholder litigation in
connection with the potential transaction may result in significant
costs of defense, indemnification and liability. Readers should
carefully review these risk factors, and should not place undue
reliance on our forward-looking statements. These
forward-looking statements are based on information, plans and
estimates at the date of this report. We undertake no obligation to
update any forward-looking statements to reflect changes in
underlying assumptions or factors, new information, future events
or other changes.
Investors/Media:
Stephanie Carrington
ICR, Inc.
(646) 277-1282
Stephanie.carrington@icrinc.com
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