Lannett, other generics eyed as Akorn deal talk continues
Akorn Therapeutics (AKRX) stock gapped up 10% Monday, prodded by confirmation late Friday that it’s in talks to be acquired by German firm Fresenius Kabi.
In afternoon trading on the stock market today, Akorn shares jumped 8.4%, near 32.30, touching an eight-month high. Shares last topped 32 in August 2016. Investor’s Business Daily’s 17-company Generic Drugs industry group also lifted a collective 2.6%.
The news not only boosted Akorn shares, but that of other drugmakers. Lannett Company’s (LCI) stock jumped 13.8% to 26.85, outperforming Akorn, though an analyst told IBD it’s likely the confirmed acquisition talks between Akorn and Fresenius helped boost the sector.
Still, a formal agreement with Fresnius is pending, Akorn said. Before that happens, Akorn’s full board of directors will have to vote on the acquisition. Both companies are withholding further comment unless a deal is forged, according to a news release by Akorn.
Fresenius Kabi is a subsidiary of the larger Fresenius SE.