Akorn, Inc. plans to move forward and rebuild shareholder value as an independent company following the decision from the Supreme Court of the State of Delaware upholding the lower court’s decision to allow Fresenius Kabi AG to terminate the April 2017 merger agreement.

With the litigation process concluded, Akorn’s board of directors announced that it is engaged in a formal search for a new chief executive officer to lead the company into its next phase. Current CEO Raj Rai has decided to retire and will assist the board to ensure a smooth transition and remain in his role until the hiring date of the new chief executive.

“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,” said Alan Weinstein, board chairman. “While there is work to do, Akorn’s future remains bright thanks to its manufacturing, quality, and generics expertise and is not dependent upon a consummated transaction with Fresenius. We thank Raj for his years of service with Akorn and his success in building the company into a leading organization in a highly competitive industry.”

Akorn added that despite misleading allegations made during the litigation process to damage its reputation among various stakeholders, Akorn has received several new Abbreviated New Drug Application approvals from the Food and Drug Administration.

(Source: Akorn, Inc.)