Safety First Trust Principal-Protected Trust Certificates Linked TO A U.S.-Europe-Japan Basket Structured Product (AMEX:AKN)
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Akorn, Inc. (AMEX: AKN) today announced that it has signed a Definitive
Agreement with Azad Pharma, a privately-held pharmaceutical company
located in Toffen, Switzerland, to develop and supply Latanoprost,
Bimatoprost and Travoprost, three ophthalmic ANDA drug products for the
treatment of glaucoma. The total United States market size for these
three products is $870M, according to 2006 IMS data.
The drug products are expected to be manufactured by Taejoon
Pharmaceutical Co. Ltd., located in Seoul, South Korea. Azad is the
Agent for Taejoon Pharmaceuticals in this Agreement. Taejoon and Azad
are responsible for completion of the Regulatory dossiers and upon ANDA
approval, will manufacture and supply the products to Akorn in a
blow-fill seal container closure system.
Akorn is responsible for the Regulatory filings of the ANDA’s
and will own the ANDA’s. As part of this
Agreement, Akorn will have exclusive Marketing and Distribution rights
for the three drug products in the U.S. and Canada. Akorn expects to
launch and market the drug products based on their respective patent
expiry dates.
Arthur S. Przybyl, Akorn’s President and Chief
Executive Officer stated, “This Agreement
continues to broaden our product development efforts in ophthalmology.
Currently, we have eight ophthalmic ANDA submissions on file with the
Office of Generic Drugs, have announced a tentative approval for
Diclofenac, and are preparing to file an NDA for Akten, indicated for
ocular anesthesia soon after announcing the results of our 200 patient
clinical trial in January 2007.
“This Agreement with Azad and Taejoon
represents Akorn’s first Business Development
partnership in the Pacific Rim.”
Mike Baronian, Azad Pharma’s Chairman and
Chief Executive Officer stated, “Azad Pharma’s
focus is in Oncology and Ophthalmology and Akorn’s
core competence in Ophthalmology in the North American market makes it
an ideal partner to penetrate this very exciting market , using Taejoon’s
excellent product portfolio.“
About Akorn, Inc.
Akorn, Inc., headquartered in Buffalo Grove, Illinois, develops,
manufactures and markets sterile specialty pharmaceuticals. Akorn has
manufacturing facilities located in Decatur, Illinois and Somerset, New
Jersey and markets and distributes an extensive line of hospital and
ophthalmic pharmaceuticals. Additional information is available at the
Company’s website at www.akorn.com.
About Azad Pharma AG
Azad Pharma AG is a recognized generic manufacturer, principally in the
fields of ophthalmology, prostaglandins, and parenteral drugs, both with
regard to the supply of API and finished dosage form finished products.
Additional information is available at the Company’s
website at www.azad.ch.
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