The Delaware Supreme Court upheld a lower court decision allowing Fresenius Kabi to back out of a $4.3 billion acquisition of Akorn, prompting Akorn CEO Raj Rai to step down, according to a press release.
Akorn will begin a formal search for a new CEO and will “move forward and rebuild shareholder value as an independent company,” the release said.
“We recognize that this has been an extended period of uncertainty for Akorn’s customers, employees and investors, and the board is committed to ensuring the company’s stability and long-term growth,” Alan
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