LAKE FOREST, Ill.--(BUSINESS WIRE)--Akorn, Inc. (NASDAQ: AKRX) a niche generic pharmaceutical company, announced today that it has entered into an agreement to issue and sell to Serum Institute of India Ltd. (“Serum”) 1,838,235 shares of the Company’s common stock at $1.36 per share or a 15% discount to the market closing price on March 5, 2010 of $1.60 per share, resulting in aggregate proceeds of $2,500,000. The Company also agreed to issue to Serum a warrant to purchase approximately 1,404,494 additional shares of the Company’s common stock for cash at an exercise price of $1.78 per share, which would result in an additional aggregate proceeds of $2,500,000. The warrant is exercisable beginning on the fifth consecutive trading day that the closing price of the Company’s common stock is at least $2.22 per share. The warrant expires 30 days after it becomes exercisable or on March 10, 2013, whichever comes first. The shares issued to Serum are subject to registration rights.
