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.