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 an Exclusive
Supply Agreement with PrimaPharm, Inc., a privately-held pharmaceutical
company located in San Diego, California to supply Hydase, a branded,
NDA drug product indicated as an adjuvant to increase the absorption and
dispersion of other injected drugs. The total United States market size
for Hyaluronidase Injection is $8.6M, according to 2006 IMS data.
Hydase™ will be manufactured by PrimaPharm,
Inc., who owns the NDA. Hydase’ formulation is
preservative free and does not contain thimerosal, a mercury containing
agent. Akorn will have exclusive marketing and distribution rights in
the U.S. and Puerto Rico, and expects to launch the product in the first
half of 2007.
Arthur S. Przybyl, Akorn’s President and Chief
Executive Officer stated, “This is a niche,
NDA product that fits our marketing strategy in both our hospital and
ophthalmic business segments. The fact that Hydase™
does not contain thimerosal is an important competitive advantage over
other marketed hyaluronidase drugs.”
Zak Hassanein, President and CEO, PrimaPharm, Inc., stated “We
are excited about Akorn’s marketing strength
and their ability to position Hydase™ in the
surgical marketplace. Our partnership with Akorn will take advantage of
the additional capacity available at our new, 50,000 square foot,
state-of-the-art cGMP manufacturing facility in San Diego, due to open
in early 2007.”
About Akorn, Inc.
Akorn, Inc. 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 PrimaPharm Inc.
PrimaPharm is a privately held developer and contract manufacturer of
Drugs, Medical Devices and Diagnostics. Located in San Diego,
California, the Company, in business since 1992, is a FDA inspected,
cGMP manufacturer of high quality, Pharmaceutical and Medical Device
products including aseptic injectables, liquids, gels, lyophilized
drugs, ointments, creams, emulsions and suspensions with separate
facilities for the manufacture of cytotoxic drugs. Additional
information is available at the Company’s
website at www.primapharm.net
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