Akorn, Inc. Acquires Premium Ophthalmic Surgery Pharmaceutical Product From Allergan; $24 Million Market with Only One Competitor.BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Nov. 5, 1998--Akorn, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :AKRN) announced today that it has acquired the rights to the premium ophthalmic irrigation irrigation, in agriculture, artificial watering of the land. Although used chiefly in regions with annual rainfall of less than 20 in. (51 cm), it is also used in wetter areas to grow certain crops, e.g., rice. solution known as B-Salt Forte(R), (Akorn's brand) or Endosol Extra(R) (Allergan's brand) from Allergan. The product is used in all types of intraocular surgery, particularly when the surgery is of long duration. Akorn obtained the product's ANDA ANDA abbr. abbreviated new drug application and three patents. Upon FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval of a site transfer, Akorn will become the exclusive manufacturer of Endosol, producing the product at its Taylor Pharmaceuticals facility for both Akorn and Allergan, both of whom will continue to sell the product under their respective brand names. The product is a balanced salt electrolyte solution fortified with the antioxidant, Glutathione. It is used to maintain the metabolism of the endothelial cells during the surgical procedure. The market for this type of product is currently $24 million in the U.S. There is only one other product that competes in this category, and with the patents that the two products hold, it is unlikely that other competitors will enter the market. Scott Zion, Senior Vice President and General Manager of the Ophthalmic Division said, "We are delighted to have ownership of such a premium product used in ocular surgery. This product has a great deal of synergy with our other surgical products, such as BioLon, and our instruments. Once we bring the manufacture of the product in-house, we will be in a position to promote it heavily." Akorn, Inc. is a specialty pharmaceutical company that develops, manufactures and markets ophthalmic and injectable sterile pharmaceutical products in the United States. The Company sells more than 90 diagnostic and therapeutic pharmaceutical products focused primarily on ophthalmology, anesthesia, antidotes and rheumatology rheumatology /rheu·ma·tol·o·gy/ (-tol´ah-je) the branch of medicine dealing with rheumatic disorders, their causes, pathology, diagnosis, treatment, etc. rheu·ma·tol·o·gy n. . This release is available on the KCSA KCSA Krannert Center Student Association KCSA Kentucky Crushed Stone Association (Frankfort, KY) KCSA Kyiv City State Administration KCSA Kalamazoo Christian School Association KCSA Kentucky-Canadian Studies Association Worldwide website at www.kcsa.com. |
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