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                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                  SCHEDULE 13D

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934

                               (AMENDMENT NO. 7)*

                                   Akorn, Inc.
--------------------------------------------------------------------------------
                                (Name of Issuer)

                           Common Stock, no par value
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                   009728 10 6
                         -------------------------------

                                 (CUSIP Number)


John N. Kapoor                             Copy to:    Christopher R. Manning
EJ Financial Enterprises, Inc.                         Burke, Warren, MacKay
225 E. Deerpath, Suite 250                             & Serritella, P.C
Lake Forest, IL  60045                                 330 N. Wabash, 22nd Floor
                                                       Chicago, IL  60611
--------------------------------------------------------------------------------

                  (Name, Address and Telephone Number of Person
                Authorized to Receive Notices and Communications)

                                November 30, 2000
                        ---------------------------------

                      (Date of Event which Requires Filing
                               of this Statement)

If the filing person has previously field a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the
following box / /.

NOTE: SCHEDULES FILED IN PAPER FORMAT SHALL INCLUDE A SIGNED ORIGINAL AND FIVE
COPIES OF THE SCHEDULE, INCLUDING ALL EXHIBITS. SEE SECTION.240.13d-7 FOR OTHER
PARTIES TO WHOM COPIES ARE TO BE SENT.

*The remainder of this cover page shall be filed 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
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>


                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 2 of 9 PAGES
          ------------

1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

     John N. Kapoor Trust, dtd 9/20/89
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)      /X/
                                                                   (b)      / /
--------------------------------------------------------------------------------
3.   SEC USE ONLY

--------------------------------------------------------------------------------
4.   SOURCE OF FUNDS*

     00
--------------------------------------------------------------------------------
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED               / /
     PURSUANT TO ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Illinois
--------------------------------------------------------------------------------
Number Of                              7.   SOLE VOTING POWER
Shares
Beneficially                                839,500 (But see Items 2 and 5)
Owned by                                    ------------------------------------
Each                                   8.   SHARED VOTING POWER
Reporting
Person                                      -0-(But see Items 2 and 5)
With                                        ------------------------------------
                                       9.   SOLE DISPOSITIVE POWER

                                            839,500 (But see Items 2 and 5)
                                            ------------------------------------
                                       10.  SHARED DISPOSITIVE POWER

                                            -0-(But see Items 2 and 5)
--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     839,500 (But see Items 2 and 5)

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)                           / /
     EXCLUDES CERTAIN SHARES*

--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     4.4%
--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON*

     00
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>



                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 3 of 9 PAGES
          ------------

1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

     John N. Kapoor
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)      /X/
                                                                   (b)      / /
--------------------------------------------------------------------------------
3.   SEC USE ONLY

--------------------------------------------------------------------------------
4.   SOURCE OF FUNDS*


--------------------------------------------------------------------------------
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED               / /
     PURSUANT TO ITEMS 2(d) or 2(e)

--------------------------------------------------------------------------------
6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA
--------------------------------------------------------------------------------
Number Of                              7.   SOLE VOTING POWER
Shares
Beneficially                                4,387,938 (But see Items 2 and 5)
Owned by                                    ------------------------------------
Each                                   8.   SHARED VOTING POWER
Reporting
Person                                      -0- (But see Items 2 and 5)
With                                        ------------------------------------
                                       9.   SOLE DISPOSITIVE POWER

                                            4,387,938 (But see Items 2 and 5)
                                            ------------------------------------
                                       10.  SHARED DISPOSITIVE POWER

                                            -0-(But see items 2 and 5)
--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     4,387,938 (But see Items 2 and 5)

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)                           /X/
     EXCLUDES CERTAIN SHARES*

--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     22.8%
--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON

     IN
--------------------------------------------------------------------------------


--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>



                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 4 of 9 PAGES
          ------------

1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

     EJ Financial Investment VIII, L.P.
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)      /x/
                                                                   (b)      / /
--------------------------------------------------------------------------------
3.   SEC USE ONLY

--------------------------------------------------------------------------------
4.   SOURCE OF FUNDS*


--------------------------------------------------------------------------------
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED               / /
     PURSUANT TO ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
Number Of                              7.   SOLE VOTING POWER
Shares
Beneficially                                2,000,000 (But see Items 2 and 5)
Owned by                                    ------------------------------------
Each                                   8.   SHARED VOTING POWER
Reporting
Person                                      -0- (But see Items 2 and 5)
With                                        ------------------------------------
                                       9.   SOLE DISPOSITIVE POWER

                                            2,000,000 (But see Items 2 and 5)
                                            ------------------------------------
                                       10.  SHARED DISPOSITIVE POWER

                                            -0- (But see Items 2 and 5)
--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     2,000,000 (But see Items 2 and 5)

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)                           / /
     EXCLUDES CERTAIN SHARES*

--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     10.4%
--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON*

     PN
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>



                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 5 of 9 PAGES
          ------------

1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

     Editha A. Kapoor
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)      /x/
                                                                   (b)      / /
--------------------------------------------------------------------------------
3.   SEC USE ONLY

--------------------------------------------------------------------------------
4.   SOURCE OF FUNDS*


--------------------------------------------------------------------------------
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED               / /
     PURSUANT TO ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     USA
--------------------------------------------------------------------------------

Number Of                              7.   SOLE VOTING POWER
Shares
Beneficially                                63,600 (But see Items 2 and 5)
Owned by                                    ------------------------------------
Each                                   8.   SHARED VOTING POWER
Reporting
Person                                      -0- (But see Items 2 and 5)
With                                        ------------------------------------
                                       9.   SOLE DISPOSITIVE POWER

                                            63,600 (But see Items 2 and 5)
                                            ------------------------------------
                                       10.  SHARED DISPOSITIVE POWER

                                            -0- (But see Items 2 and 5)
--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     63,600 (But see Items 2 and 5)

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)                           / /
     EXCLUDES CERTAIN SHARES*

--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     .3% (But see Items 2 and 5)
--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON*

     IN
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>


                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 6 of 9 PAGES
          ------------

1.   NAME OF REPORTING PERSON
     I.R.S. IDENTIFICATION NO. OF ABOVE PERSON (entities only)

     EJ Financial/Akorn Management, L.P.
--------------------------------------------------------------------------------
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*             (a)      /x/
                                                                   (b)      / /
--------------------------------------------------------------------------------
3.   SEC USE ONLY

--------------------------------------------------------------------------------
4.   SOURCE OF FUNDS*

     00
--------------------------------------------------------------------------------
5.   CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED               / /
     PURSUANT TO ITEMS 2(d) or 2(e)
--------------------------------------------------------------------------------
6.   CITIZENSHIP OR PLACE OF ORGANIZATION

     Delaware
--------------------------------------------------------------------------------
Number Of                              7.   SOLE VOTING POWER
Shares
Beneficially                                1,395,000 (But see Items 2 and 5)
Owned by                                    ------------------------------------
Each                                   8.   SHARED VOTING POWER
Reporting
Person                                      -0- (But see Items 2 and 5)
With                                        ------------------------------------
                                       9.   SOLE DISPOSITIVE POWER

                                            1,395,000 (But see Items 2 and 5)
                                            ------------------------------------
                                       10.  SHARED DISPOSITIVE POWER

                                            -0- (But see Items 2 and 5)
--------------------------------------------------------------------------------
11.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

     1,395,000 (But see Items 2 and 5)

--------------------------------------------------------------------------------
12.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11)                           / /
     EXCLUDES CERTAIN SHARES*

--------------------------------------------------------------------------------
13.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)

     7.2% (But see Items 2 and 5)
--------------------------------------------------------------------------------
14.  TYPE OF REPORTING PERSON*

     PN
--------------------------------------------------------------------------------



--------------------------------------------------------------------------------

                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>


                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 7 of 9 PAGES
          ------------


Item 1    SECURITY AND ISSUER. This Amendment No. 7 (the "Amendment") to
          Schedule 13D relates to the common stock, no par value ("Akorn Common
          Stock") of Akorn, Inc., a Louisiana corporation ("Akorn") with
          principal executive offices at 2500 Millbrook Drive, Buffalo Grove,
          Illinois 60089, and is being filed pursuant to Rule 13d-2 of the
          General Rules and Regulations under the Securities Exchange Act of
          1934, as amended. This Amendment is filed jointly by the John N.
          Kapoor Trust, dated 9/20/89 (the "Trust"), of which John N. Kapoor is
          Trustee and sole beneficiary, John N. Kapoor, Editha Kapoor, wife of
          John N. Kapoor, EJ Financial Investment VIII, L.P., a Delaware limited
          partnership ("EJ VIII"), of which John N. Kapoor is managing general
          partner and Editha Kapoor is the other general partner and EJ
          Financial/Akorn Management, L.P., a Delaware limited partnership
          ("EJ/Akorn") of which John N. Kapoor is managing general partner and
          Editha Kapoor is the other general partner.

Item 2    IDENTITY AND BACKGROUND. The Trust is an Illinois trust of which John
          N. Kapoor is the Trustee and sole beneficiary. EJ VIII and EJ/Akorn
          are each Delaware limited partnerships. The Trust, EJ VIII and
          EJ/Akorn were each formed to hold investments. The address of the
          Trust's, EJ VIII's and EJ/Akorn's principal offices are each at 225
          East Deerpath Rd., Suite 250, Lake Forest, Illinois 60045. John N.
          Kapoor and Editha Kapoor are each citizens of the United States. At
          the present time, John N. Kapoor is President and Chairman of the
          Board of Directors of EJ Financial Enterprises Inc., a Delaware
          corporation ("EJ"), 225 East Deerpath, Suite 250, Lake Forest,
          Illinois 60045. At the present time, Editha Kapoor is an officer of
          EJ. During the last five years, neither the Trust, John N. Kapoor,
          Editha Kapoor, EJ VIII nor EJ/Akorn: (i) have been convicted in a
          criminal proceeding excluding traffic violations or similar
          misdemeanors, or (ii) were a party to a civil proceeding of a judicial
          or administrative body of competent jurisdiction and, as a result of
          such proceeding, was or is subject to a judgment, decree or final
          order enjoining future violations of or prohibiting or mandating
          activity subject to, federal or state securities laws or finding any
          violations with respect to such laws.

Item 3    SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION. On November 30,
          2000 the Trust transferred 1,395,000 shares of Akorn Common Stock to
          EJ/Akorn in exchange for 1,000 general partnership units and 141,370
          limited partnership units in EJ/Akorn.


Item 4    PURPOSE OF TRANSACTION. The shares of Akorn Common Stock transferred
          by the Trust to EJ/Akorn have been under the voting and disposition
          power of John N. Kapoor as trustee of the Trust and will continue to
          be under the voting and disposition power of John N. Kapoor as
          Managing General Partner of EJ/Akorn. The shares of Akorn Common Stock
          have been and continue to be held for investment purposes and the
          transfer of shares of Akorn Common Stock from the Trust to EJ/Akorn
          was undertaken as part of a restructuring of Dr. Kapoor's securities
          holdings. EJ/Akorn has acquired the shares of Akorn Common Stock as an
          investment and intends to continue to review Akorn's business affairs
          and general economic and industry conditions. Based on such review,
          EJ/Akorn will, on an ongoing basis, evaluate various alternative
          courses of action including additional capital investments in Akorn.
          Alternatively, EJ/Akorn may sell all or a portion of its holdings in
          Akorn in the open market, subject to the requirements of Rule 144 or
          as otherwise permitted.


Item 5    INTEREST IN SECURITIES OF THE ISSUER.

               (a)  As of the date hereof, (i) the Trust owns 839,500 shares of
                    Akorn Common Stock representing 4.4% of the issued and
                    outstanding shares of Akorn Common Stock,; (ii) John N.
                    Kapoor beneficially owns (A) presently exercisable options
                    to purchase 133,438 shares (the "Option Shares") of Akorn
                    Common Stock representing .7% of the issued and outstanding
                    shares of Akorn Common Stock, (B) 20,000 shares of Akorn
                    Common Stock representing .1% of the issued and outstanding
                    shares of Akorn Common Stock, (C) 839,500 shares of Akorn
                    Common Stock representing 4.4% of the issued and outstanding
                    shares of Akorn Common Stock through the Trust, of which he
                    is sole Trustee, (D) 2,000,000 shares of Akorn Common Stock,
                    representing 10.4% of the issued and outstanding shares of
                    Akorn Common Stock in his capacity as Managing General
                    Partner of EJ VIII; and (E) 1,395,000 shares of Akorn Common
                    Stock, representing 7.2% of the issued and outstanding
                    shares of Akorn Common Stock in his capacity as Managing
                    General Partner of EJ/Akorn; (iii) Editha Kapoor
                    beneficially owns 63,600 shares of Akorn Common Stock
                    representing
--------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>


                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 8 of 9 PAGES
          ------------


                    .3% of the issued and outstanding shares of Akorn Common
                    Stock in her capacity as Trustee of four trusts established
                    for the benefit of the children of John Kapoor and Editha
                    Kapoor (the "Chidrens' Trusts"); (iv) EJ VIII owns 2,000,000
                    shares of Akorn Common Stock representing 10.4% of the
                    issued and outstanding shares of Akorn Common Stock; and (v)
                    EJ/Akorn owns 1,395,000 shares of Akorn Common Stock
                    representing 7.2% of the issued and outstanding shares of
                    Akorn Common Stock.

               (b)  The Trust, acting through its trustee, has sole voting and
                    dispositive power over 839,500 shares of Akorn Common Stock
                    and does not share voting power or dispositive power over
                    any other shares of Akorn Common Stock. John N. Kapoor has
                    sole voting and dispositive power over 4,387,938 shares of
                    Akorn Common Stock (comprised of the shares of Akorn Common
                    Stock held by the Trust, EJ VIII and EJ/Akorn and the Option
                    Shares). Editha Kapoor, as trustee of the Childrens' Trusts,
                    has sole voting and dispositive power over 63,600 shares of
                    Akorn Common Stock representing the shares held in the
                    Childrens' Trusts. EJ VIII, acting through its managing
                    general partner, has sole voting and dispositive power over
                    2,000,000 shares of Akorn Common Stock and does not share
                    voting or dispositive power over any other shares of Akorn
                    Common Stock. EJ/Akorn, acting through its managing general
                    partner, has sole voting and dispositive power over
                    1,395,000 shares of Akorn Common Stock and does not share
                    voting or dispositive power over any other shar4es of Akorn
                    Common Stock.

               (c)  On October 18,2000, the Trust acquired 10,000 shares of
                    Akorn Common Stock at a price of $3.9894 per share in an
                    open market purchase and Dr. Kapoor exercised options for
                    5,000 shares at a price of $2.75 per share. Except for the
                    foregoing transactions, and as set forth above, the
                    Reporting Persons do not beneficially own any shares of
                    Akorn Common Stock and have effected no transactions in
                    shares of Akorn Common Stock during the preceding 60 days.

               (d)  Inapplicable.

               (e)  Inapplicable.


--------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.



<PAGE>


                                  SCHEDULE 13D
CUSIP NO. 009728 10 6                                         Page 9 of 9 PAGES
          ------------

                                    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.

                                            /s/ John N. Kapoor
December 22, 2000                           -----------------------------------
                                            John N. Kapoor

December 22, 2000                           /s/ Editha Kapoor
                                            -----------------------------------
                                            Editha Kapoor

                                       John N. Kapoor Trust
                                       dtd 9/20/89

December 22, 2000                      By:  /s/ John N. Kapoor, Trustee
                                            ----------------------------------
                                            John N. Kapoor as Trustee


                                       EJ FINANCIAL INVESTMENTS VIII, L.P.


December 22, 2000                      By: /s/ John N. Kapoor
                                       ----------------------------------------
                                       John N. Kapoor, Managing
                                       General Partner


                                       EJ FINANCIAL/AKORN MANAGEMENT, L.P.


December 22, 2000                      By: /s/ John N. Kapoor
                                       ----------------------------------------
                                       John N. Kapoor, Managing
                                       General Partner




183705.1






--------------------------------------------------------------------------------
                      *SEE INSTRUCTIONS BEFORE FILLING OUT!
          INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
      (INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.