Akorn Shareholders Vote to Approve Merger Agreement with Fresenius Kabi
19 Juli 2017 - 10:30PM
Akorn, Inc. (NASDAQ:AKRX), a leading specialty generic
pharmaceutical company, announced that its shareholders, at a
special meeting held earlier today, have overwhelmingly voted to
approve the previously announced merger agreement providing for the
acquisition of Akorn by Fresenius Kabi, a subsidiary of Fresenius
SE & Co. KGaA (FWB:FRE).
The transaction remains subject to regulatory approvals and
customary closing conditions, and the companies expect the
acquisition will close by early 2018.
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 risk that the
proposed merger with Fresenius Kabi may not be completed in a
timely manner or at all; (ii) the possibility that any or all of
the various conditions to the consummation of the merger 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); (iii) the occurrence of any event, change or other
circumstance that could give rise to the termination of the Merger
Agreement dated April 24, 2017, among Akorn, Fresenius Kabi,
Quercus Acquisition, Inc. and, solely for purposes of Article VIII
thereof, Fresenius SE & Co. KGaA (the “Merger Agreement”),
including in circumstances which would require Akorn to pay a
termination fee or other expenses; (iv) the effect of the
announcement or pendency of the transactions contemplated by the
Merger Agreement 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; (v) risks related to
diverting management’s attention from Akorn’s ongoing business
operations; (vi) the risk that shareholder litigation in connection
with the transactions contemplated by the Merger Agreement may
result in significant costs of defense, indemnification and
liability and (vii) 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 in Part II, Item 1A,
“Risk Factors” of our Quarterly Report on Form 10-Q for the fiscal
quarter ended March 31, 2017 (as filed with the Securities and
Exchange Commission on May 4, 2017) and other risk factors
identified herein or from time to time in our filings with the
Securities and Exchange Commission. 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.
Investor Relations
847-279-6162
investor.relations@akorn.com
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