Akorn CEO to retire after drugmaker fails to salvage Fresenius merger deal [Reuters]
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Source: Reuters
Akorn CEO to retire after drugmaker fails to salvage Fresenius merger deal | Reuters 2 Min Read WILMINGTON, Del (Reuters) - Akorn Inc ( AKRX.O ) said late on Friday its Chief Executive Officer would retire following the drugmaker’s inability to salvage its takeover deal with Germany’s Fresenius SE ( FREG.DE ). The move comes after the Delaware Supreme Court on Friday upheld a decision by a lower court to allow Fresenius to walk away from its over $4 billion acquisition of Akorn that sent shares of the U.S generic drugmaker down more than 30 percent in regular trading. Akorn said that its Chief Executive Officer Raj Rai will retire but will remain in his post till a successor is named. The company said a formal search for a new CEO is underway. Fresenius terminated the merger deal in April, a year after agreeing to acquire Akorn, citing evidence of misconduct in reporting of drug development data to U.S. healthcare regulators. Akorn then filed a lawsuit against Fresenius over the t
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