Note 16 - Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

Subsequent Events [Text Block]

NOTE 16 – SUBSEQUENT EVENTS

Xopenex Acquisition

On October 1, 2014, Oak Pharmaceutical (“Oak”) a wholly owned subsidiary of the Company entered into a definitive Product Acquisition Agreement with Sunovion Pharmaceuticals Inc., a Delaware corporation to acquire certain rights and inventory related to the branded product, Xopenex® (Levalbuterol HCl) Inhalation Solution (the “Xopenex Product”) for $45 million, funded through available cash paid at closing, net of certain liabilities for product return reserves, rebates, and chargeback reserves, which were assumed by Oak subject to a cap. Xopenex is indicated for the treatment or prevention of bronchospasm in adults, adolescents, and children 6 years of age and older with reversible obstructive airway disease. The Company will include information about the fair value of acquired assets and assumed liabilities of the Xopenex Product in its Annual Report on Form 10-K for the year ending December 31, 2014. During the three and nine month periods ended September 30, 2014, the Company recorded approximately $0.2 million in acquisition related expenses in connection with the Xopenex acquisition.

Lloyd’s Animal Health Products Acquisition

On October 2, 2014, Akorn Animal Health, Inc., a wholly owned subsidiary of the Company entered into a definitive Product Acquisition Agreement with Lloyd, Inc., a Iowa corporation to acquire certain rights and inventory related to a suite of generic products (the “Lloyd Products”). The Lloyd Products are focused on animal health principally within the pain management and anesthesia sectors. The Company will include information about the fair value of acquired assets and assumed liabilities of the Lloyd Products acquisition in its Annual Report on Form 10-K for the year ending December 31, 2014.