Pharma BD Deal Intelligence
Outcome grade pending — assessed 5 years post-close.
Full analysis, sources & comparables →BioPharma Dive framed the original $4.3B Akorn deal as a strategic generics consolidation play that would extend Fresenius Kabi into ophthalmics and topicals —…
Seeking Alpha contributor analysis described the Akorn-Fresenius merger fallout as a high-risk arbitrage situation that broke decisively against shareholders,…
FiercePharma covered the Delaware Chancery ruling, noting Vice Chancellor Laster's finding that Akorn's 'extensive and recurring' FDA data integrity problems…
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Fresenius Kabi agreed to acquire Akorn for $34.00/share in cash, an enterprise value of approximately $4.75B (~$4.3B equity). The deal would have expanded Fresenius Kabi's U.S. specialty generics injectables and ophthalmic franchise. Fresenius terminated the merger in April 2018 over alleged Akorn FDA data integrity breaches; Delaware Chancery Court upheld termination via material adverse effect ruling in October 2018.
| Deal | Year | Value | Outcome |
|---|---|---|---|
| Fresenius Kabi AG / Akorn, Inc. (this deal) | 2017 | $4.8B | — |
| Watson Pharmaceuticals (Actavis Inc.) / Actavis plc | 2012 | $5.9B | 97 |
| Kohlberg Kravis Roberts & Co. / PRA International (Genstar Capital) | 2013 | $1.3B | 91 |
| Stryker Corporation / MAKO Surgical Corp. | 2013 | $1.6B | 91 |
| Quintiles Transnational Holdings Inc. / IMS Health Holdings, Inc. | 2016 | $17.6B | 91 |
| DPx Holdings B.V. (JLL Partners 51% / Royal DSM 49%) / Patheon Inc. + DSM Pharmaceutical Products | 2013 | $2.6B | 90 |
| Pamplona Capital Management, LLP / PAREXEL International Corporation | 2017 | $5.0B | 90 |
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