Business

Germany's Fresenius, US-based Akorn at odds over merger deal

Posted April 23, 2018 7:00 am

The Associated Press

BERLIN (AP) - Germany's Fresenius and U.S.-based pharmaceutical manufacturer Akorn Inc. are at odds over the German company's decision to terminate a more than $4.3 billion takeover agreement, citing alleged breaches of data integrity requirements.

Fresenius said Sunday it would terminate the year-old deal to acquire Akorn, based in Lake Forest, Illinois, citing its "failure to fulfill several closing conditions." Akorn replied that it "categorically disagrees" with Fresenius' accusations and intends "to vigorously enforce our rights, and Fresenius' obligations, under our binding merger agreement."

Fresenius confirmed its 2018 guidance. On Saturday, its Fresenius Medical Care division announced the sale of its controlling stake in Sound Inpatient Physicians Holdings to a consortium led by Summit Partners, a $2.15 billion transaction.

Fresenius SE shares were little changed in Frankfurt trading Monday at 65.78 euros ($80.80).

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