FiercePharma: Akorn Pharmaceuticals declares bankruptcy
After years of navigating regulatory woes and financial troubles, Akorn Pharmaceuticals is calling it quits.The company has filed for chapter 7 bankruptcy and is shutting down U.S. operations, according to a letter posted by the Herald & Review in Illinois.In Decatur, Ill., the company is shutting a plant and laying off 400 workers, angering local and national representatives. But the problems stretch beyond that plant, according to the letter from Akorn CEO Douglas Boothe.Akorn has been trying to sell itself since last year, but it did not receive an "appropriate bid," Boothe wrote to employees. Since Akorn has been "running at a loss for some time," the company was unable to secure financing to continue operations.As of Thursday, all Akorn U.S. sites will close and all employees will be terminated, Boothe wrote to employees.“I truly regret that these actions have become necessary,” Booth said in the letter. “This is a shock. It will take some time to absorb the news and what it means to you and your colleagues.”
Best wishes to them, and best wishes to all of us.