=Akorn (AKRX) to be acquired by Fresenius for $4.3 billion

  

DECATUR, Ill. (WAND) -  Akorn Inc, with operations in Decatur has been acquired by a German Company.

Late Monday, Fresenius SE announced the acquisition of Akorn, Inc. for $4.3 billion at $34 per share for the Illinois based generic drug maker. Fresenius will get a stronger foothold in the U.S.

The German company CEO says, "Akorn will bring us additional U.S. market access to small and mid-sized clinics and retail pharmacies."

Akorn will complement Fresenius’s Kabi medicines unit, which specializes in intravenous drugs.

The acquisition still needs approval from Akorn shareholders. If approved, it will mark two of the biggest deals for the European company.

Akorn has two facilities in Decatur and recently expanded.  According to a news release from Fresenius Kabi:

The U.S. headquarters for Akorn and Fresenius Kabi are both in Northern Illinois, located in close proximity. Akorn employs more than 2,000 people worldwide. Fresenius Kabi employs more than 30,000 worldwide.

Fresenius Kabi has a successful track record of growing pharmaceutical acquisitions in the United States. Fresenius Kabi acquired APP Pharmaceuticals in 2008 and has more than tripled its sales to nearly $2 billion. The company acquired the Simplist™ line of prefilled syringes from BD last year and has already doubled the sales of this portfolio.

Fresenius Kabi’s financial advisers for the transaction were Credit Suisse and Moelis, with Allen & Overy acting as its primary legal adviser. J.P. Morgan Securities LLC served as Akorn’s financial adviser, and Cravath, Swaine & Moore LLP and Polsinelli PC served as its legal advisers.