Akorn sheds pharma unit

|By:, SA News Editor

Citing a poor strategic fit with its focus on niche dosage forms, Akorn (AKRX +3.3%) sells its subsidiary ECR Pharmaceuticals to Valeant Pharmaceuticals (VRX +2.9%) for $41M in cash and the assumption of certain liabilities. Akorn acquired the branded drug maker when it purchased Hi-Tech Pharmacal last year.