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LINCOLNSHIRE, IL.--(BUSINESS WIRE)--July 29, 1998--Akorn, Inc.
(NASDAQ:AKRN) announced today the filing of a registration statement
with the Securities and Exchange Commission in connection with a
public offering of 5,540,000 shares of its common stock.
Of the 5,540,000 shares being offered, 5,000,000 shares are being
offered by Akorn, Inc. and 540,000 shares are being offered by certain
stockholders of the Company (the "Selling Stockholders"). BT Alex.
Brown Incorporated will lead manage the offering and Warburg Dillon
Read LLC will co-manage the offering. Completion of the offering is
subject to market and other conditions.
The Company intends to use the net proceeds of the offering to
repay indebtedness incurred under the Company's revolving credit
facility, for acquisitions and development of new pharmaceutical
products, for facility expansion and for working capital and general
corporate purposes. The Company will not receive any proceeds from the
sale of common stock by the Selling Stockholders.
Akorn, Inc. is a specialty pharmaceutical company that develops,
manufactures and markets ophthalmic and injectible sterile
pharmaceutical products in the United States. The Company sells more
than 90 diagnostic and therapeutic pharmaceutical products focused
primarily on ophthalmology, anesthesia, antidotes and rheumatology.
A preliminary prospectus relating to these securities may, when
available, be obtained from BT Alex. Brown Incorporated, Baltimore,
Maryland, or Warburg Dillon Read LLC, New York, New York. The offering
will be made only by means of a prospectus.
A registration statement relating to these securities has been
filed with the Securities and Exchange Commission, but has not yet
become effective. These securities may not be sold nor may offers to
buy be accepted prior to the time the registration statement becomes
effective. This press release shall not constitute an offer to sell or
the solicitation of an offer to buy nor shall there be any sales of
these securities in any state in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such state.
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from anticipated results as a
result of certain risks and uncertainties, including but not limited
to the effects of federal, state and other governmental regulation of
the Company's business; the company's success in acquiring,
developing, manufacturing and marketing new products; the effects of
competition from generic pharmaceuticals and other pharmaceutical
companies; and other risks and uncertainties identified in the
Company's Securities and Exchange Commission Filings.
This release is available on the KCSA Worldwide Public Relations
Website at www.kcsa.com.
CONTACT: AKORN, INC.
Rita McConville, Chief Financial Officer
(847) 236-3851
or
KCSA Worldwide, New York
Paul Holm/Joseph A. Mansi
(212) 682-6300, ext.201/205 |
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