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Generics maker Akorn receives warning letter from the FDA relating to NJ facility

Generics company Akorn Inc. said Tuesday it has received a warnings letter from the U.S. Food and Drug Administration, relating to the inspection of a facility in New Jersey in July and August of 2018. The company said it is committed to the highest levels of quality and compliance and will work with the regulator to address all issues raised in the letter. “Earlier this year, Akorn launched a company-wide action plan to improve the timing and effectiveness of our operations, quality systems and compliance enhancement initiatives, with an emphasis on transparency and quality,” Akorn Chief Executive Douglas Boothe said in a statement. The company remains confident in the quality of products made at the facility, which is located in Somerset. Shares were halted for the news, but have gained 39.5% in 2019, while the S&P 500 has gained 17.5%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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