Akorn, Fidia sign agreement to develop four drug products

By Elaine Rigoli

Tampa, Fla., May 2 - Akorn, Inc. and Fidia Farmaceutici SpA have agreed to develop four abbreviated New Drug Application drug products.

The two companies had previously signed a letter of intent Oct. 13, 2005 to develop these four drugs.

The four products include one ointment and one cream for topical application and two tablet formulations used in the immuno compromised antiviral market, according to a news release.

The combined current market size of the four drugs is about $1 billion.

Fidia will be responsible for product development and manufacturing of all four products including clinical development of the two tablet formulations, while Akorn will be responsible for the clinical development of the ointment and cream formulations along with sales and marketing efforts.

According to the signed agreement, Akorn will make milestone development fee payments to Fidia and have exclusive rights to market these four drugs in both the United States and Canada.

Fidia is a privately held pharmaceutical company located in Abano Terme, Italy.

Akorn, based in Buffalo Grove, Ill., manufactures and markets sterile specialty pharmaceuticals.

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