Allen & Overy LLP advises Fresenius Kabi on the planned takeover of US pharmaceutics manufacturer Akorn, Inc.  Fresenius Kabi has offered USD 34 for each Akorn share, equalling a purchase price of USD 4.3 billion in total, including the assumption of net financial indebtedness of USD 450 million. With the takeover of Akorn, Fresenius Kabi will strengthen its core business and broaden its product portfolio.

The Akorn board has issued a recommendation to the Akorn shareholders to accept the offer.  Akorn's largest shareholder, which holds about 25% of the shares in the company, has confirmed its support for the transaction.  Completion of the transaction is still subject, among other things, to US merger clearance and the consent of the Akorn shareholders, and is currently expected to take place in early 2018.

The Allen & Overy team was led by partner Eric Shube (Corporate/M&A, New York) and comprised partners Elizabeth Leckie (Banking and Finance, New York), Elaine Johnston (Antitrust, New York), Ken Rivlin (Regulatory, New York), Jack L. Heinberg and Dave Lewis (Tax, New York) and other lawyers from the New York office.

Advice on capital markets law was provided by partners Dr. Hans-Christoph Ihrig and Dr. Hartmut Krause as well as senior associate Dr. Katharina Stüber (all Frankfurt).

In-house counsel at Fresenius were: Jack C. Silhavy (General Counsel/Fresenius Kabi USA) and Dr. Uta-Karen Klawitter (Head of Legal/Fresenius SE & Co. KGaA).