Akorn Inc. (NSDQ:AKRX) shareholders voted yesterday to approve its $4.75 billion merger deal with German healthcare company Fresenius (ETR:FRE).
Fresenius’ Kabi division announced in April that it inked a deal to acquire the generic drugmaker, bringing with it a portfolio of ophthalmic drugs, ear drops, nasal sprays, respiratory drugs and medical creams.
Since chief executive Stephan Sturm took over the corner office at Fresenius in June 2016, the company has made takeovers a key part of its strategy. Fresenius bought a Spanish hospital chain for 5.8 billion euros in September last year.
The company’s latest acquisitions show an attempt to move into new dosage forms and therapeutic areas for its Kabi unit, which develops generic infusion drugs and blood transfusion supplies.
“We are putting Fresenius Kabi on track for an even more broadly based and strong sustainable growth beyond the current decade,” Sturm said, according to Reuters.
Fresenius said it will pay $34 per Akorn share and take on the company’s $450 million in net debt, bringing the deal to a total pricetag of $4.75 billion. The company plans to finance the deal with a mix of euro- and dollar-denominated debt instruments.
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