Akorn plunges 34% in premarket after Fresenius announces probe [MarketWatch]
AKORN (AKRX)
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Source: MarketWatch
Akorn plunges 34% in premarket after Fresenius announces probe Shares of Akorn Inc. AKRX, +0.53% sank 34% in premarket trading on Tuesday, after German-based Fresenius SE FRE, +1.65% said it was conducting a probe into possible data breaches at the U.S. generic-drugs manufacturer. The probe could hamper a deal -- valued at more than $3.7 billion -- by Fresenius last year to buy Akron. Fresenius made the statement late Monday, triggering a slide in Akorn shares, which continued into Tuesday. In a statement, Akorn said that it was also investigating the possible breaches related to product development at its company. "To date, the company's investigation has not found any facts that would result in a material impact on Akorn's operations and the company does not believe this investigation should affect the closing of the transaction with Fresenius," said Akorn. Shares of Fresenius rose 1.7% in Frankfurt.
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