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News Summary: K-V Pharma files Chapter 11

By The Associated Press
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CHAPTER 11: K-V Pharmaceutical Co. filed for Chapter 11 bankruptcy protection Saturday, saying weak sales of its preterm birth drug Makena and regulatory sanctions are hurting its business.

REORGANIZING: The St. Louis company plans to stay in business and needs to restructure its financial obligations. Sales of the costly drug Makena are being hurt by cheaper generic versions, and K-V still owes a milestone payment to a partner. Sanctions related to drug recalls in 2008 and 2009 are also hurting its business.

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