AKRX - Akorn, Inc.

NasdaqGS - NasdaqGS Real Time Price. Currency in USD
0.1925
-0.0171 (-8.16%)
At close: 4:00PM EDT
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Previous Close0.2096
Open0.1960
Bid0.0000 x 800
Ask0.0000 x 3100
Day's Range0.1820 - 0.2160
52 Week Range0.1700 - 5.4600
Volume28,304,279
Avg. Volume12,930,058
Market Cap25.632M
Beta (5Y Monthly)1.14
PE Ratio (TTM)N/A
EPS (TTM)-3.1730
Earnings DateMay 11, 2020
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMay 24, 1991
1y Target Est2.00
  • Bloomberg

    Akorn Seeks Bankruptcy After Failed Takeover, FDA Warnings

    (Bloomberg) -- Akorn Inc. sought bankruptcy protection from creditors after a series of deficiencies uncovered about its quality-control methods resulted in the collapse of rival Fresenius SA’s buyout of the generic drugmaker and subsequent warning letters from the U.S. Food and Drug Administration.The Lake Forest, Illinois-based company listed as much as $10 billion of debt and $10 billion of assets in its Chapter 11 petition, filed on Wednesday in the Delaware bankruptcy court.In December of 2018, Fresenius SE backed out of its $4.3 billion offer for the company after it discovered issues with Akorn’s pharmaceutical production, quality control and drug testing. A Delaware judge later blessed that decision and is still considering whether Akorn owes Fresenius more than $70 million in damages over the collapsed deal. In the wake of the court ruling, the FDA fired off warning letters to Akorn relating to two of its plants -- one in New Jersey and the other in Illinois -- after finding manufacturing violations.“The overhang of the Fresenius litigation, related shareholder litigation with the remaining opt-outs, and ongoing debt service obligations have obstructed out-of-court solutions” to the company’s problems, Duane Portwood, its chief financial officer, said in court filings.Lender AgreementAkorn said in a statement it has reached an agreement with lenders representing more than 75% of its secured debt who will collectively serve as a “stalking horse” bidder in the sale of its business. The lenders will provide additional liquidity to fund business operations during this process, the company said.Akorn said it obtained consent to use cash collateral from all of its existing lenders and received commitments from certain of its lenders for $30 million in debtor-in-possession financing.From more than $4 billion in 2017, the market capitalization of the generic drugmaker has fallen to about $28 million in the wake of the failed Fresenius deal and other business problems. Portwood said that Akorn has “not made an annual profit in two years and generated $310 million in negative Ebitda in 2018.”Profitability DoubtsAfter a 10-day trial, Delaware Chancery Court Judge Travis Laster concluded in 2018 Fresenius had valid reasons for canceling the buyout because Akorn hid a litany of miscues that cast doubt on the validity of its data and the profitability of its operations. The deal’s blow up prompted Akorn CEO Raj Rai to step down.During the trial, Fresenius’s lawyers produced evidence showing Akorn’s computer system security was so poor that anyone on the premises could alter test data. That raised questions about the validity of the company’s testing regime. The German company contends four Akorn executives, including its former head of quality control, either altered data or provided phony test data to the FDA as part of new-drug applications. The Delaware Supreme Court upheld Laster’s ruling.FDA inspectors also found an anesthetic produced at Akorn’s plant in Somerset, New Jersey, was tainted with metal shavings. In addition, sterile eye drops had to be recalled after failing quality testing. Regulators found the manufacturing miscues “pose a risk to the public.”Manufacturing ImprovementsIn response to the FDA’s findings, Akorn officials said in their bankruptcy filings they’ve made improvements in manufacturing operations, such as equipment upgrades and barriers on aseptic manufacturing lines to cut contamination.“Plans have been developed to implement enhanced electronic quality management systems at all facilities,” he added.Akorn’s new management shopped the company around, but never got any bids that would cover its debt, Portwood said. Executives hope the bankruptcy process will provide a “value-maximizing, in-court sale process that will publicly ‘market test’ the value of their business—to address the debtors’ capital-structure needs and litigation liabilities in a single forum.”The drugmaker is asking U.S. Bankruptcy Judge Karen Owens to schedule an Aug. 7 auction. Akorn officials said in a court filing they “remain optimistic that sufficient interest exists to maximize the value of their business and expect to move expeditiously to select a winning bidder and consummate the contemplated sale of their assets.”The case is Akorn Inc., 20-11177, U.S. Bankruptcy Court, District of Delaware (Wilmington).(Updates with date of auction in 14th paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • GlobeNewswire

    Akorn Provides First Quarter 2020 Results

    LAKE FOREST, Ill., May 11, 2020 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its financial results for the first quarter of 2020..

  • WeWork Directors Sue SoftBank Over Decision to Abandon Deal
    Bloomberg

    WeWork Directors Sue SoftBank Over Decision to Abandon Deal

    (Bloomberg) -- Two independent WeWork directors sued SoftBank Group Corp., its biggest shareholder, after the Japanese investor scrapped a $3 billion deal to buy stock from ex-Chief Executive Officer Adam Neumann and other shareholders to bail out the struggling workplace provider.SoftBank reneged on promises to “use its reasonable best efforts to consummate” the stock-purchase agreement because of “buyer’s remorse,” the directors, which make up a special committee of WeWork’s board, said in the Delaware Chancery Court lawsuit.“Instead of abiding by its contractual obligations, SoftBank, under increasing pressure from activist investors, has engaged in a purposeful campaign to avoid completion of the tender offer,” said Bruce Dunlevie and Lew Frankfort, who make up the committee. The pair regret “the fact SoftBank continues to put its own interests ahead of those of WeWork’s minority stockholders,” according to an emailed statement.A spokesperson for SoftBank said it would vigorously defend the lawsuit. “Nothing in the special committee’s filing today credibly refutes SoftBank’s decision to terminate the tender offer,” the spokesperson said Tuesday in a statement. Softbank said several conditions for completing the tender were not met and called the special committee’s filing a “desperate and misguided attempt” to revise history.“The Special Committee will not prevail in this mistaken attempt to force SoftBank to purchase their shares when it is not legally obligated to do so,” the spokesperson said.Paul Singer’s Elliott Management Corp., a major investor in Softbank, has advocated for the Japanese company to boost its own value by engaging in stock buybacks.Bailout PackageSoftBank agreed to buy shares from Neumann, Benchmark Capital and others as part of a bailout package last year, but notified stockholders in mid-March that some of the deal’s conditions hadn’t been met. After the deal’s closing deadline passed last week, SoftBank confirmed it was pulling the offer.In a message to shareholders last month, Softbank cited nearly a half-dozen conditions that WeWork officials hadn’t met as the basis for pulling out of purchase, including its failure to renegotiate some leases in the wake of the economic havoc caused by the Covid-19 pandemic. Of the tender offer, $450 million is currently allocated to current and former employees, according to a person with knowledge of the matter.The directors pointed to efforts by SoftBank executives to “thwart” a consolidation of WeWork’s Chinese joint venture as evidence that they had second thoughts about the deal. Softbank cited the failure to complete the “roll-up” of the China unit as one of the conditions that hadn’t been met, while WeWork executives accused their erstwhile partner of creating a pretext for pulling out of the agreement.Softbank’s argument that WeWork failed to gain the necessary regulatory approvals for the deal also doesn’t fly because the only country left to sign off on the transaction was Mexico and WeWork has until August to gain that country’s okay, according to the suit.“SoftBank’s apparent buyer’s remorse” was spurred by its own declining financial condition, the WeWork directors said in the suit. “SoftBank’s enormous and growing debt burden, which is now over $109 billion, led Moody’s to issue a rare two-notch downgrade in SoftBank’s debt rating in March 2020,” according to the suit.‘Material Adverse Effect’The directors also noted the agreement doesn’t contain a so-called “material adverse effect” provision or similar termination right that is common in such deals. Two years ago, a Delaware judge found such a provision permitted Germany’s Fresenius SE to walk away from its takeover of U.S. rival generic drugmaker Akorn Inc.The WeWork directors want a chancery judge to order Softbank to carry out the stock purchase and acknowledge it trampled on the rights of some investors in the workplace provider. “SoftBank’s actions harmed the company’s minority stockholders by depriving them of liquidity, which was the primary consideration they were to receive under” the agreement, the suit said.The suit was filed in Delaware because it’s the corporate home to WeWork and more than half of U.S. public companies.The case is The We Company v. Softbank Group Corp, No. 2020-0258, Delaware Chancery Court (Wilmington)(Adds comment from Softbank in fourth and fifth paragraphs)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

  • US$4.00: That's What Analysts Think Akorn, Inc. Is Worth After Its Latest Results
    Simply Wall St.

    US$4.00: That's What Analysts Think Akorn, Inc. Is Worth After Its Latest Results

    Shareholders in Akorn, Inc. (NASDAQ:AKRX) had a terrible week, as shares crashed 21% to US$1.16 in the week since its...

  • GlobeNewswire

    Akorn Provides Fourth Quarter and Full Year 2019 Results

    LAKE FOREST, Ill., Feb. 26, 2020 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its financial results for the quarter and year ended.

  • How Many Akorn, Inc. (NASDAQ:AKRX) Shares Did Insiders Buy, In The Last Year?
    Simply Wall St.

    How Many Akorn, Inc. (NASDAQ:AKRX) Shares Did Insiders Buy, In The Last Year?

    We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. The...

  • Akorn Enters Oversold Territory
    Zacks

    Akorn Enters Oversold Territory

    Akorn, Inc. (AKRX) has been on a bit of a cold streak lately, but there might be light at the end of the tunnel for this overlooked stock.

  • GlobeNewswire

    Akorn Announces Extension of Standstill Agreement

    Akorn, Inc. (AKRX), a leading specialty pharmaceutical company, today announced that Akorn and certain of its lenders have reached an agreement that extends the standstill period to February 7, 2020. Additional information is available on Akorn’s website at www.akorn.com.

  • Easy Come, Easy Go: How Akorn (NASDAQ:AKRX) Shareholders Got Unlucky And Saw 90% Of Their Cash Evaporate
    Simply Wall St.

    Easy Come, Easy Go: How Akorn (NASDAQ:AKRX) Shareholders Got Unlucky And Saw 90% Of Their Cash Evaporate

    Akorn, Inc. (NASDAQ:AKRX) shareholders will doubtless be very grateful to see the share price up 33% in the last...

  • Akorn (AKRX) Moves to Strong Buy: Rationale Behind the Upgrade
    Zacks

    Akorn (AKRX) Moves to Strong Buy: Rationale Behind the Upgrade

    Akorn (AKRX) might move higher on growing optimism about its earnings prospects, which is reflected by its upgrade to a Zacks Rank 1 (Strong Buy).

  • Generic Drugmakers Gain as Price-Fixing Probe Nears an End
    Zacks

    Generic Drugmakers Gain as Price-Fixing Probe Nears an End

    Shares of generic drugmakers rose on Monday on a possible end to the persistent price-fixing probe.

  • 5 Small-Cap Stocks Outpacing the Broader Market in 2019
    Zacks

    5 Small-Cap Stocks Outpacing the Broader Market in 2019

    Despite the slow pace of movement of small-cap stock prices, a few stocks within this stable have skyrocketed ahead of the large-cap-centric indexes this year.

  • New Strong Buy Stocks for November 7th
    Zacks

    New Strong Buy Stocks for November 7th

    New Strong Buy Stocks for November 7th

  • Akorn (AKRX) Q3 Earnings and Revenues Top Estimates
    Zacks

    Akorn (AKRX) Q3 Earnings and Revenues Top Estimates

    Akorn (AKRX) delivered earnings and revenue surprises of 150.00% and 0.67%, respectively, for the quarter ended September 2019. Do the numbers hold clues to what lies ahead for the stock?

  • GlobeNewswire

    Akorn Provides Preliminary Third Quarter 2019 Results

    LAKE FOREST, Ill., Oct. 31, 2019 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced its preliminary financial results for the third.

  • Will Akorn (AKRX) Report Negative Earnings Next Week? What You Should Know
    Zacks

    Will Akorn (AKRX) Report Negative Earnings Next Week? What You Should Know

    Akorn (AKRX) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.

  • All You Need to Know About Akorn (AKRX) Rating Upgrade to Buy
    Zacks

    All You Need to Know About Akorn (AKRX) Rating Upgrade to Buy

    Akorn (AKRX) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.

  • GlobeNewswire

    Akorn Receives FDA Approval for Betamethasone Dipropionate Lotion USP (Augmented), 0.05%

    LAKE FOREST, Ill., Oct. 14, 2019 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty pharmaceutical company, today announced that it received a new Abbreviated New Drug.

  • GlobeNewswire

    Akorn to Report Third Quarter 2019 Financial Results and Host Conference Call

    Akorn, Inc. (AKRX), a leading specialty pharmaceutical company, today announced that it plans to issue a press release before market open on Thursday, October 31, 2019 outlining its third quarter 2019 financial results. In addition, the Company has scheduled a conference call at 10:00 a.m. ET on the same day to discuss its third quarter 2019 financial and operating results. To access the live webcast, please go to Akorn’s Investor Relations website at http://investors.akorn.com.

  • Should You Be Concerned About Akorn, Inc.'s (NASDAQ:AKRX) Historical Volatility?
    Simply Wall St.

    Should You Be Concerned About Akorn, Inc.'s (NASDAQ:AKRX) Historical Volatility?

    If you own shares in Akorn, Inc. (NASDAQ:AKRX) then it's worth thinking about how it contributes to the volatility of...

  • GlobeNewswire

    Akorn Receives FDA Approval for Azelastine Hydrochloride Nasal Spray, 0.15%

    LAKE FOREST, Ill., Aug. 26, 2019 -- Akorn, Inc. (Nasdaq: AKRX), a leading specialty generic pharmaceutical company, today announced that it received a new Abbreviated New Drug.

  • Is Akorn (NASDAQ:AKRX) A Risky Investment?
    Simply Wall St.

    Is Akorn (NASDAQ:AKRX) A Risky Investment?

    Some say volatility, rather than debt, is the best way to think about risk as an investor, but Warren Buffett famously...

  • Thomson Reuters StreetEvents

    Edited Transcript of AKRX earnings conference call or presentation 1-Aug-19 1:00pm GMT

    Q2 2019 Akorn Inc Earnings Call

  • Akorn (AKRX) Q2 2019 Earnings Call Transcript
    Motley Fool

    Akorn (AKRX) Q2 2019 Earnings Call Transcript

    AKRX earnings call for the period ending June 30, 2019.

  • Akorn (AKRX) Reports Q2 Loss, Tops Revenue Estimates
    Zacks

    Akorn (AKRX) Reports Q2 Loss, Tops Revenue Estimates

    Akorn (AKRX) delivered earnings and revenue surprises of 66.67% and 3.27%, respectively, for the quarter ended June 2019. Do the numbers hold clues to what lies ahead for the stock?