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Akorn seeks bankruptcy after failed takeover, FDA warnings

Akorn Inc. sought bankruptcy protection from creditors after a series of deficiencies uncovered about its quality-control methods resulted in the collapse of rival Fresenius's buyout of the generic drugmaker and subsequent warning letters from the U.S. Food and Drug Administration.

The Lake Forest, Illinois-based company listed as much as $10 billion of debt and $10 billion of assets in its Chapter 11 petition, filed on Wednesday in the Delaware bankruptcy court...

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