Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
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).
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.