BUFFALO GROVE, Ill.--(BUSINESS WIRE)--Akorn, Inc. (NASDAQ: AKRX - News) and Cipla, Ltd., a leading Indian pharmaceutical company located in Mumbai, India, today announced the signing of an exclusive manufacturing and supply agreement for an inhalation drug product. The estimated U.S. market size for the drug product is approximately $200 million.
Under terms of the ten year agreement, Cipla will be responsible for the development, manufacturing and supply of the drug product. Akorn will be responsible for the regulatory submission with the FDA and for marketing and distribution of the drug product in the United States and Puerto Rico. Akorn will pay Cipla milestone fees for the development of the drug product and will retain ownership of the FDA dossier. Akorn expects to launch the inhalation drug product in 2010.
Arthur S. Przybyl, Akorn’s President and Chief Executive Officer stated, “This development agreement represents our first drug product targeted for inhalation therapy. Our business relationship with Cipla continues to expand. Including this transaction, we now have four drug products under development with Cipla. We expect this drug to eventually be an excellent addition to our niche specialty pharmaceutical portfolio.”
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.