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 Provepharm SAS, for a purchase price of $2.5 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 Cedric Powell and Michael Driscoll of Sheppard, Mullin, Richter & Hampton LLP as its legal advisors.