Akorn completes early buyout of equipment lease

By Elaine Rigoli

Tampa, Fla., Aug. 30 - Akorn, Inc. completed an early buyout of its Serail lyophilization equipment operating lease from National City Leasing Corp.

The original terms of the lease provided for monthly payments of $52,577.71 through December 2007, with an optional lump sum payment at the end of the operating lease term of $1,224,254.93 for the equipment purchase.

The early buyout of the equipment operating lease totaled $1,505,449.71 and will result in cash savings to Akorn of $612,626.29. Operating expenses attributable to the equipment operating lease will be reduced by $893,821.07, which will be partially offset by depreciation expense commencing when the Serail lyophilization equipment is placed into service.

Akorn is a biopharmaceutical company based in Buffalo Grove, Ill.

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