Akorn, Inc. Signs Supply Agreement with Fresenius Kabi AG for Premix Product
Under the terms of the agreement, Akorn will be responsible for development, marketing and distribution of the premix product. Fresenius Kabi will manufacture the product at its intravenous solutions manufacturing facility in Halden, Norway. The product is expected to launch in 2012. Current product sales of this product in the U.S. are in excess of $500 million. Akorn will own the ANDA. Financial terms of the agreement were not disclosed.
Arthur S. Przybyl, Akorn's President and Chief Executive Officer, stated, “We look forward to partnering with Fresenius Kabi on this novel premix product. Additional niche products will be added that provide unique market value and fulfill customer needs."
Previously, this product was to be supplied by another manufacturer. Recently, they communicated their intention to discontinue contract manufacturing operations and have provided a settlement fee to Akorn for termination of the Agreement.
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.
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Contact:
Akorn, Inc. Arthur S. Przybyl President and CEO (847) 279-6100
Source: Akorn, Inc.