Court Says Fresenius Can Pull Out of Akorn Acquisition

A Delaware court on Monday sided with Fresenius in its bid to pull out of a planned $4.3 billion merger with Akorn because of alleged fraud and falsified testing data submitted to the FDA.

The German drugmaker moved to kill the deal earlier this year, prompting Akorn to sue for breach of contract in Delaware Chancery Court.

Fresenius claimed it had discovered “blatant fraud at the very top level” of Akorn’s leadership and evidence that it had falsified data. Akorn denied the charges, accusing Fresenius of having buyer’s remorse and using commonplace errors as an excuse to back out of the agreement.