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After mounting financial and manufacturing woes, Akorn (AKRX) has filed for bankruptcy protection, a humbling move by a company that was on the verge of being purchased for $4.3 billion just two years ago.

The filing follows a protracted period in which the drug maker haggled with lenders and fended off shareholder lawsuits, which were prompted after Fresenius Kabi walked away from a deal to buy the company. The acquisition fell apart after Fresenius found what it described as “material breaches” in manufacturing standards at Akorn facilities.

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