FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * KAPOOR JOHN N   2. Issuer Name and Ticker or Trading Symbol AKORN INC [AKN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 225 EAST DEERPATH ROAD, SUITE 250 3. Date of Earliest Transaction (Month/Day/Year) 09/15/2006 (Street) LAKE FOREST, IL 60045 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 09/15/2006   X(1)   3,578,333 A $ 1 27,690,287 I See footnote (2) Common Stock 09/15/2006   F   949,160 D $ 3.77 26,741,127 I See footnote (2) Common Stock 09/15/2006   X(1)   211,714 A $ 1.1 26,952,841 I See footnote (2) Common Stock 09/15/2006   F   61,773 D $ 3.77 26,891,068 I See footnote (2) Common Stock 09/15/2006   X(1)   880,000 A $ 1.1 27,771,068 I See footnote (2) Common Stock 09/15/2006   F   256,764 D $ 3.77 27,514,304 I See footnote (2) Common Stock               402,518 D

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Warrants (3)

$ 1

09/15/2006

X

3,578,333

10/07/2003

10/07/2006

Common Stock

3,578,333

$ 0

0

D

Warrants (3)

$ 1.1

09/15/2006

X

211,714

10/07/2003

10/07/2006

Common Stock

211,714

$ 0

0

D

Warrants (3)

$ 1.1

09/15/2006

X

880,000

10/07/2003

10/07/2006

Common Stock

880,000

$ 0

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
KAPOOR JOHN N 225 EAST DEERPATH ROAD SUITE 250 LAKE FOREST, IL 60045	X	X

Signatures

/s/ Rao Akella, as Attorney-In-Fact		09/19/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Exempt under Rule 16b-6(b).
(2)	Securities held through various limited partnerships and trusts. Dr. Kapoor disclaims beneficial ownerhip of such shares except to the extent of his pecuniary interest.
(3)	On October 7, 2003 various Kapoor trusts, along with other investors, consummated a recapitalization transaction involving Akorn, Inc. by purchasing all of Akorn, Inc.'s outstanding senior debt from The Northern Trust Company. In return for its contribution, the trusts received from Akorn: 107,350 shares of Series A 6% Participating Convertible Preferred Stock and warrants to purchase 3,578,333 Akorn Shares at $1.00 per share. Additionally, the trusts made a loan to Akorn in the principal amount of $2,117,139.03. In consideration for its loan, the trusts received warrants to purchase 211,714 Shares at $1.10 per share. Separately, the trusts agreed to serve as guarantor for a credit facility between LaSalle National Bank Association, Akorn, Inc., and Akorn (New Jersey), Inc., for which it received warrants to purchase 880,000 Shares at $1.10 per share.

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