Akorn Receives Court Approval of Sale to Lenders

Akorn, Inc., a leading specialty pharmaceutical company, today announced that the United States Bankruptcy Court for the District of Delaware has approved its sale to the Company's existing lenders.

Doug Boothe, Akorn's President and Chief Executive Officer, commented, "We are pleased to have received Court approval for our sale, achieving a critical milestone that will allow us to move beyond this process under a new ownership structure in the coming weeks. I want to thank our lenders, associates, customers, and suppliers for their partnership and support throughout this process. With the backdrop of the COVID-19 pandemic, our mission of bringing pharmaceutical products to patients, caregivers, and hospitals is more important than ever, and we look forward to redoubling our focus on this vital work."

Akorn is working to finalize customary closing obligations and anticipates the sale will be completed in the next few weeks.

As has been the case throughout the Chapter 11 process, Akorn will continue its normal operations and meet commitments to its stakeholders. The Company looks forward to emerging as a more vibrant company, even better positioned to improve patients' lives through the quality, availability and affordability of its products.

Additional information about the Chapter 11 cases can be found at Akorn's dedicated microsite, www.akorn-forward.com. Claims information can be found at www.kccllc.net/akorn.

About Akorn:

Akorn, Inc. is a specialty pharmaceutical company engaged in the development, manufacture and marketing of multisource and branded pharmaceuticals.  Akorn has manufacturing facilities located in Decatur, Illinois; Somerset, New Jersey; Amityville, New York; and Hettlingen, Switzerland that manufacture ophthalmic, injectable and specialty sterile and non-sterile pharmaceuticals.  Additional information is available on Akorn's website at www.akorn.com.