Akorn (AKRX, $4.26) CEO Steps Down After Losing $4.3 Billion Acquisition Deal From Fresenius

Akorn Inc.’s CEO Rajat Rai is stepping down, following a court ruling that allows Fresenius SE to walk away from a $4.3 billion acquisition of the generic pharma manufacturer.

Delaware Supreme Court ruled that a decline in Akorn’s revenue and its other financial weaknesses that emerged prior to the acquisition’s closing was reason enough for German healthcare firm Fresenius SE to have the right to cancel the deal. Rai agreed with company directors that his departure “will be treated as a resignation for good reason,” according to an Akorn's filing Friday with the U.S. Securities and Exchange Commission. 

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Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.