The US Bankruptcy Court gave an order approving the sale of the certain assets of Akorn Holding Company LLC on June 8, 2023. The trustee has been authorized to sell certain assets to Long Grove Pharmaceuticals, LLC, for a purchase price of $42.2 million in cash pursuant to the asset purchase agreement dated May 25, 2023. The debtor?s assets include certain estate assets.

Under the terms of the asset purchase agreement, the buyer has made an earnest money deposit of 10% of the purchase price upon the execution of the agreement. The buyer is represented by Timothy Dugan, Peter Strothman, and Alan Heller of Water Street Healthcare Partners, LLC as its legal advisors.