An unknown buyer entered into an agreement to acquire substantially all assets from Akorn, Inc. (NasdaqGS:AKRX) and its direct and indirect subsidiaries on May 20, 2020. The aggregate consideration shall be the assumption of assumed liabilities; credit bid of 100% of the loan agreement indebtedness; and a Wind-Down Amount. Akorn has sought Court approval to declare the buyer as the “stalking horse” bidder within thirty days of the petition date. The transaction is subject to approval from Bankruptcy Court for the District of Delaware and an auction to solicit higher or otherwise better bids. The transaction is subject to the waiting period under the HSR Act or under the Foreign Competition Laws. The transaction has been approved by Board of sellers. As of September 2, 2020, the bankruptcy court approved the transaction. Geoffrey J. Lewis of Wilmington Savings Fund Society, FSB is acting as the administrative agent. Richard J. Campbell, Patrick J. Nash Jr., Steve Toth, and Gregory F. Pesce of Kirkland & Ellis LLP acted as legal advisors for Akorn. Scott J. Greenberg, Steven Domanowski, and Steven R. Shoemate of Gibson, Dunn & Crutcher LLP along with Andrew N. Goldman of Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisors for buyer. Paul N. Heath, Amanda R. Steele, Zachary I. Shapiro and Brett M. Haywood Richards, Layton, & Finger served as legal advisors to Akorn, Inc. Tom Davidson, Mark Buschmann, Tarek Aguizy, Michael O’ Hara and Harold Kim of PJT Partners, Inc. served as brokers to Akorn, Inc.