Akorn AKORN Acquires Three Hospital-Based Branded Injectables

LAKE FOREST, IL— December 22, 2011 -- Akorn, Inc. (NASDAQ: AKRX), a niche generic pharmaceutical company, today announced that its wholly-owned subsidiary, Oak Pharmaceuticals, has acquired three off patent, branded, hospital-based injectables from the US subsidiary of H. Lundbeck A/S. According to the agreement, Akorn will make an upfront payment of $45 million and a subsequent milestone payment of $15million in cash after 3 years. The initial purchase price and the subsequent milestone payment are subject to areduction if certain sales targets are not met in the first three years and the subsequent three years post closing. The acquired portfolio consists of Nembutal®, a Schedule II controlled drug, Diuril® and Cogentin®. In addition, Akorn has signed a transition services agreement with Lundbeck to ensure product availability.

Raj Rai, Chief Executive Officer commented, “These products will strengthen Akorn’s existing portfolio of niche, hospital-based injectables and are within the scope of our manufacturing capabilities.”