AKRX Akorn Inc

   By Nathan Allen 
 

Shares in Fresenius SE & Co. KGaA (FRE.XE) jumped more than 10% Monday afternoon after a Delaware court ruled in favor of the company's decision to back out of a merger agreement with Akorn Inc. (AKRX).

The German health-care company terminated its $4.3 billion agreement to buy Akorn in April, claiming that the generic drugmaker was in breach of FDA data protection regulations and had failed to fulfill several closing conditions of the deal.

In response, Akorn sued Fresenius in the Delaware Court of Chancery, which ruled in favor of Fresenius's actions. The judgment is not yet final, Fresenius said.

At 1340 GMT shares in Fresenius were trading 8.2% higher at EUR68.40, having earlier risen as high as EUR69.64.

Akorn subsequently said it is disappointed with the court ruling and plans to appeal.

"We continue to believe Fresenius' attempt to terminate the transaction is in breach of our binding merger agreement," the company said.

New York-listed shares of Akorn Inc. were halted in early trading Monday.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

October 01, 2018 10:08 ET (14:08 GMT)

Akorn (NASDAQ:AKRX)
Historical Stock Chart
Von Mär 2024 bis Apr 2024

Akorn (NASDAQ:AKRX)
Historical Stock Chart
Von Apr 2023 bis Apr 2024