Bad Homburg, Germany-based Fresenius SE abandoned a $4.3 billion deal to acquire Lake Forest, Ill.-based Akorn Pharmaceuticals, a generic cancer drug manufacturer, according to Bloomberg.
Fresenius, a global healthcare company and parent of dialysis provider Fresenius Medical Care AG, says it abandoned the deal because an investigation showed Akorn breached Food and Drug Administration data integrity standards, according to the report.
Akorn said in a statement it "categorically disagree[s] with Fresenius's accusations" and has filed a lawsuit against Fresenius for ending the deal. The pharmaceutical company claims the issues in the investigation were not a condition of the agreement and wouldn't affect Fresenius, according to the report. Akorn agreed in April 2017 to pay $129 million if the merger failed.
Akorn shares plummeted 37 percent after Fresenius announced it would abandon the deal. Read more here.
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