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Akorn to sign deal with Azad for development of three generic injectable drugs
By E. Janene Geiss
Philadelphia, Dec. 14 - Akorn, Inc. announced Wednesday that it has signed a letter of intent with Azad Pharma AG to develop and supply three Abbreviated New Drug Application injectable drug products for critical care medicine.
The letter of intent anticipates executing a definitive agreement within 90 days, according to a company news release.
The three ANDA drug products will focus on the anesthesia and anemia markets and have a current market size of about $900 million, officials said.
Azad said it will be responsible for the development and manufacturing of all three products.
The ANDAs will be held by Akorn and will be exclusively marketed and distributed by Akorn in both the United States and Canada, officials said.
"We are excited to pursue the development and commercialization of these three drugs with our newest partner, Azad Pharma. These drug products continue to complement the strategic approach of our other drugs already in development," said Arthur S. Przybyl, Akorn's president and chief executive officer, in the release.
Azad officials said the partnership with Akorn follows a strategic decision made last year to enter the finished-dosage market by first concentrating on sterile specialty products and secondly, by partnering with distribution companies that are well-focused.
Akorn, based in Buffalo Grove, Ill., manufactures and markets sterile specialty pharmaceuticals.
Azad is a Toffen, Switzerland, generic manufacturer, principally in the fields of ophthalmology, prostaglandins, and parenteral drugs both with supply of active pharmaceutical ingredients and finished products.
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