Lake Forest Drugmaker Sold For $4.3 Billion To European Giant

LAKE FOREST, IL — The giant European health care provider Fresenius Kabi has agreed to buy Lake Forest-based drugmaker Akorn for about $4.3 billion, the companies announced Monday. The sale price equates to $34 a share and includes the assumption of approximately $450 million in debt.

"Joining our two companies and product portfolios will strengthen and diversify both businesses," said John Ducker, president and CEO of Fresenius Kabi USA. "Akorn brings to Fresenius Kabi specialized expertise in development, manufacturing and marketing of alternate dosage forms, as well as access to new customer segments like retail, ophthalmology and veterinary practices. Its pipeline is also impressive, with approximately 85 ANDAs filed and pending with the FDA and dozens more in development."

"Fresenius Kabi is an excellent fit for Akorn, strategically and culturally," said Akorn CEO Raj Rai. "Fresenius brings to Akorn the strength and resources of a global leader with an experienced U.S. team and an outstanding record of growth and award-winning service in the United States. We look forward to working with Fresenius Kabi on this next phase of our growth. When the transaction closes, we will strive to ensure a smooth transition for our employees and customers.”

» European Medical Giant In Talks To Buy Lake Forest Drugmaker

Fresenius Kabi's U.S. headquarters is in Lake Zurich, and Akorn also operates facilities in Decatur, Gurnee and Vernon Hills. Akorn employs more than 2,000 people worldwide, while Fresenius Kabi employs more than 30,000 worldwide.

Crain's Chicago Business named Akorn one of the Chicago area's worst performing stocks of 2016, but it has risen significantly in the wake of discussions over Fresenius's multi-billion dollar acquisition.