Akorn Acquires Advanced Remedies Ophthalmic Operation From Sidmak Laboratories.LINCOLNSHIRE, Ill.--(BUSINESS WIRE)--July 16, 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) today announced the acquisition from Sidmak Laboratories, Inc. of its ophthalmic R&D and manufacturing operation, Advanced Remedies Inc. (ARI ARI Acute respiratory infection, see there ) in Somerset, New Jersey Somerset is a census-designated place and unincorporated area located at the eastermost section within Franklin Township, in Somerset County, New Jersey. As of the United States 2000 Census, the CDP population was 23,040. Somerset housed one of the first Marconi Wireless Stations. . In late 1997 both companies signed a term sheet giving Akorn responsibility for the marketing and sales of all products developed or manufactured by ARI and providing for the completion of an acquisition agreement between the two companies in late June or early July. Akorn purchased all assets and liabilities of ARI from Sidmak including all ANDA's (Abbreviated New Drug Applications) for any product previously approved for ARI or under review by the 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. . Akorn is already promoting one multisource generic product developed at ARI under the term sheet agreement, Cromolyn Sodium cro·mo·lyn sodium n. A drug usually administered by inhalation and used to prevent certain allergic attacks, especially those associated with asthma or hay fever. , a mast cell stabilizer Mast cell stabilizers are cromone medications used to prevent or control certain allergic disorders. They block a calcium channel essential for mast cell degranulation, stabilizing the cell and so prevent the release of histamine[1] and related mediators. used in the treatment of a wide array of allergic reactions in the eye. In addition, Akorn will acquire four other multisource generic products that it currently out sources from other suppliers. The ARI acquisition provides Akorn with the ability to manufacture two new dosage forms, ointments and suspensions, that it does not currently manufacture. At this time, Akorn out sources all of the ointments and suspensions that it sells. Akorn also expects the portfolio of new products being developed at ARI to provide it with new products to sell. Scott Zion, senior vice president and general manager of the ophthalmic division, said, "The acquisition of the ARI operation will provide additional revenue from the new products (ANDA's) that ARI has developed. In addition, the capability to manufacture many of the ointments and suspensions that we now purchase from outside suppliers gives us an opportunity to increase profitability. We believe that the research and development and manufacturing people at ARI are first rate and will be a tremendous asset to our organization." Akorn plans to move production of the Ocusert(R) product line and technology to the ARI facility. In April, the Company acquired worldwide rights to the Ocusert line and technology from ALZA Corporation (NYSE NYSE See: New York Stock Exchange :AZA). Akorn expects to develop additional ophthalmic products through its new ophthalmic R&D resources at ARI that will utilize Ocusert's proprietary, controlled release drug delivery technology. Akorn, Inc. manufactures and markets sterile ophthalmic and injectable pharmaceuticals, and markets and distributes an extensive line of pharmaceuticals and ophthalmic surgical supplies and related products. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties, including but not limited to the effects of federal, state and other governmental regulation of the Company's business; the company's success in acquiring, developing, manufacturing and marketing new products; the effects of competition from other pharmaceutical companies; and other risks and uncertainties identified in the Company's Securities and Exchange Commission Filings. 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 Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most Website at www.kcsa.com.
CONTACT: Akorn Inc., Lincolnshire
Rita McConville, Chief Financial Officer
847/236-3851
or
KCSA Worldwide, New York
Paul Holm/Joseph A. Mansi, 212/682-6300, ext.201/205
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