UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No.)*
AKORN, INC.
-----------
(Name of Issuer)
Common Stock, No Par Value
--------------------------
(Title of Class of Securities)
009728106
---------
(CUSIP Number)
June 25, 2008
-------------
(Date of Event which Requires Filing
of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities,
and for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Page 1 of 11
----------------------------- ---------------------
CUSIP No. 009728106 13G Page 2 of 11 Pages
----------------------------- ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Advisors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 2,931,256 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,931,256 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,931,256 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.3% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 2 of 11
----------------------------- ---------------------
CUSIP No. 009728106 13G Page 3 of 11 Pages
----------------------------- ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
S.A.C. Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 2,931,256 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,931,256 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,931,256 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
3.3% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 3 of 11
----------------------------- ---------------------
CUSIP No. 009728106 13G Page 4 of 11 Pages
----------------------------- ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
CR Intrinsic Investors, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 686,882 (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
686,882 (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
686,882 (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.8% (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 4 of 11
----------------------------- ---------------------
CUSIP No. 009728106 13G Page 5 of 11 Pages
----------------------------- ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Sigma Capital Management, LLC
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 1,406,649(1) (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
1,406,649(1) (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,406,649(1) (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
1.6%(1) (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
00
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 5 of 11
----------------------------- ---------------------
CUSIP No. 009728106 13G Page 6 of 11 Pages
----------------------------- ---------------------
---------- ---------------------------------------------------------------------
1 NAME OF REPORTING PERSON
I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Steven A. Cohen
---------- ---------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [X]
---------- ---------------------------------------------------------------------
3 SEC USE ONLY
---------- ---------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------- ----- ----------------------------------------------------
5 SOLE VOTING POWER
0
----- ----------------------------------------------------
6 SHARED VOTING POWER
NUMBER OF SHARES
BENEFICIALLY OWNED 5,024,787((1) (see Item 4)
BY EACH REPORTING ----- ----------------------------------------------------
PERSON WITH 7 SOLE DISPOSITIVE POWER
0
----- ----------------------------------------------------
8 SHARED DISPOSITIVE POWER
5,024,787((1) (see Item 4)
---------- ---------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
5,024,787(1) (see Item 4)
---------- ---------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
[ ]
---------- ---------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
5.6%(1) (see Item 4)
---------- ---------------------------------------------------------------------
12 TYPE OF REPORTING PERSON*
IN
---------- ---------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT
Page 6 of 11
Item 1(a) Name of Issuer:
--------------
Akorn, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
-----------------------------------------------
2500 Millbrook Drive, Buffalo Grove, Illinois 60089
Items 2(a) Name of Person Filing:
---------------------
This statement is filed by: (i) S.A.C. Capital Advisors, LLC
("SAC Capital Advisors") with respect to shares of common
stock, no par value ("Shares"), of the Issuer beneficially
owned by S.A.C. Capital Associates, LLC ("SAC Capital
Associates") and S.A.C. MultiQuant Fund, LLC ("SAC
MultiQuant Fund"); (ii) S.A.C. Capital Management, LLC ("SAC
Capital Management") with respect to Shares beneficially
owned by SAC Capital Associates and SAC MultiQuant Fund;
(iii) CR Intrinsic Investors, LLC ("CR Intrinsic Investors")
with respect to Shares beneficially owned by CR Intrinsic
Investments, LLC ("CR Intrinsic Investments"); (iv) Sigma
Capital Management, LLC ("Sigma Management") with respect to
shares beneficially owned by Sigma Capital Associates, LLC
("Sigma Capital Associates"); and (v) Steven A. Cohen with
respect to Shares beneficially owned by SAC Capital
Advisors, SAC Capital Management, SAC Capital Associates,
SAC MultiQuant Fund, CR Intrinsic Investors, CR Intrinsic
Investments, Sigma Management and Sigma Capital Associates.
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors, Sigma Management and Steven A. Cohen have entered
into a Joint Filing Agreement, a copy of which is filed with
this Schedule 13G as Exhibit 99.1, pursuant to which they
have agreed to file this Schedule 13G jointly in accordance
with the provisions of Rule 13d-1(k) of the Securities
Exchange Act of 1934, as amended.
Item 2(b) Address of Principal Business Office:
------------------------------------
The address of the principal business office of (i) SAC
Capital Advisors, CR Intrinsic Investors and Mr. Cohen is 72
Cummings Point Road, Stamford, Connecticut 06902, and (ii)
SAC Capital Management and Sigma Management is 540 Madison
Avenue, New York, New York 10022.
Item 2(c) Citizenship:
-----------
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors and Sigma Management are Delaware limited
liability companies. Mr. Cohen is a United States citizen.
Page 7 of 11
Item 2(d) Title of Class of Securities:
----------------------------
Common Stock, no par value
Item 2(e) CUSIP Number:
------------
009728106
Item 3 Not Applicable
Item 4 Ownership:
---------
The percentages used herein are calculated based upon the
Shares issued and outstanding as of April 30, 2008 as
reported on the Issuer's quarterly report on Form 10-Q filed
with the Securities and Exchange Commission for the
quarterly period ended March 31, 2008.
As of the close of business on July 1, 2008:
1. S.A.C. Capital Advisors, LLC
(a) Amount beneficially owned: 2,931,256
(b) Percent of class: 3.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,931,256
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,931,256
2. S.A.C. Capital Management, LLC
(a) Amount beneficially owned: 2,931,256
(b) Percent of class: 3.3%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 2,931,256
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
2,931,256
3. CR Intrinsic Investors, LLC
(a) Amount beneficially owned: 686,882
(b) Percent of class: 0.8%
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 686,882
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
686,882
4. Sigma Capital Management, LLC
(a) Amount beneficially owned: 1,406,649(1)
(b) Percent of class: 1.6%(1)
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 1,406,649(1)
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
1,406,649(1)
Page 8 of 11
4. Steven A. Cohen
(a) Amount beneficially owned: 5,024,787(1)
(b) Percent of class: 5.6%(1)
(c)(i) Sole power to vote or direct the vote: -0-
(ii) Shared power to vote or direct the vote: 5,024,787(1)
(iii) Sole power to dispose or direct the disposition: -0-
(iv) Shared power to dispose or direct the disposition:
5,024,787(1)
(1) Pursuant to a Subscription Agreement by and between
Sigma Capital Associates and the Issuer on August 18, 2004,
Sigma Capital Associates purchased Series B Warrants to
purchase 66,667 shares of common stock. The Shares reported
in this Schedule 13G include the 66,667 shares issuable upon
exercise of the Series B Warrants.
SAC Capital Advisors, SAC Capital Management, CR Intrinsic
Investors, Sigma Management and Mr. Cohen own directly no
Shares. Pursuant to investment management agreements, each
of SAC Capital Advisors and SAC Capital Management share all
investment and voting power with respect to the securities
held by SAC Capital Associates and SAC MultiQuant Fund.
Pursuant to an investment management agreement, CR Intrinsic
Investors maintains investment and voting power with respect
to the securities held by CR Intrinsic Investments. Pursuant
to an investment management agreement, Sigma Management
maintains investment and voting power with respect to the
securities held by Sigma Capital Associates. Mr. Cohen
controls each of SAC Capital Advisors, SAC Capital
Management, CR Intrinsic Investors and Sigma Management. CR
Intrinsic Investments is a wholly owned subsidiary of SAC
Capital Associates. By reason of the provisions of Rule
13d-3 of the Securities Exchange Act of 1934, as amended,
each of (i) SAC Capital Advisors, SAC Capital Management and
Mr. Cohen may be deemed to own beneficially 2,931,256 Shares
(constituting approximately 3.3% of the Shares outstanding),
(ii) CR Intrinsic Investors and Mr. Cohen may be deemed to
own beneficially 686,882 Shares (constituting approximately
0.8% of the Shares outstanding), and (iii) Sigma Management
and Mr. Cohen may be deemed to own beneficially 1,406,649
(1) shares (constituting approximately 1.6% (1) of the
Shares outstanding). Each of SAC Capital Advisors, SAC
Capital Management, CR Intrinsic Investors, Sigma Management
and Mr. Cohen disclaim beneficial ownership of any of the
securities covered by this statement, and SAC Capital
Associates disclaims beneficial ownership of any securities
held by CR Intrinsic Investments.
Item 5 Ownership of Five Percent or Less of a Class:
--------------------------------------------
If this statement is being filed to report the fact that as
of the date hereof the reporting person has ceased to be the
beneficial owner of more than five percent of the class of
securities, check the following. [ ]
Page 9 of 11
Item 6 Ownership of More than Five Percent on Behalf of Another
--------------------------------------------------------
Person:
------
Not Applicable
Item 7 Identification and Classification of the
----------------------------------------
Subsidiary Which Acquired the Security Being
--------------------------------------------
Reported on By the Parent Holding Company:
-----------------------------------------
Not Applicable
Item 8 Identification and Classification of Members
--------------------------------------------
of the Group:
-------------
Not Applicable
Item 9 Notice of Dissolution of Group:
------------------------------
Not Applicable
Item 10 Certification:
-------------
By signing below the signatory certifies that, to the best of his knowledge
and belief, the securities referred to above were not acquired and are not held
for the purpose of or with the effect of changing or influencing the control of
the issuer of the securities and were not acquired and are not held in
connection with or as a participant in any transaction having that purpose or
effect.
Page 10 of 11
SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Dated: July 2, 2008
S.A.C. CAPITAL ADVISORS, LLC
By: /s/ Peter Nussbaum
--------------------------------
Name: Peter Nussbaum
Title: Authorized Person
S.A.C. CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
--------------------------------
Name: Peter Nussbaum
Title: Authorized Person
CR INTRINSIC INVESTORS, LLC
By: /s/ Peter Nussbaum
--------------------------------
Name: Peter Nussbaum
Title: Authorized Person
SIGMA CAPITAL MANAGEMENT, LLC
By: /s/ Peter Nussbaum
--------------------------------
Name: Peter Nussbaum
Title: Authorized Person
STEVEN A. COHEN
By: /s/ Peter Nussbaum
--------------------------------
Name: Peter Nussbaum
Title: Authorized Person
Page 11 of 11