Subject: LIC
Akorn Announces Agreement to Sell its Branded Ophthalmic Products to Théa
LAKE FOREST, Ill., Jan. 28, 2022 /PRNewswire/ -- Akorn Operating Company LLC ("Akorn" or the "Company"), a leading specialty pharmaceutical company, announced today that it has entered into a definitive agreement to sell seven branded ophthalmic products to Théa. Théa is the leading independent European pharmaceutical group in ophthalmology. As part of the transaction, Théa intends to expand its commercial presence in the United States and will welcome Akorn's nearly 50-person sales force to support the anticipated growth and launches of additional products in the U.S.
The closing of the transaction is subject to customary conditions, including the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, and is expected to occur in the first quarter of 2022.
"I am pleased that we have reached this agreement with Théa. I believe they are well positioned and motivated to augment this ophthalmic franchise. Having access to our experienced and talented Sales team that will transition from Akorn to Théa is an important first step in their journey to build a strong sales platform in the U.S." said Doug Boothe, Akorn's President and Chief Executive Officer.
Boothe continued: "This transaction will allow Akorn to focus on our core business of manufacturing and providing the marketplace with quality generic human and animal products. In addition, we intend to continue to invest in our facilities and pipeline."
The seven established brands included in the transaction are:
- Zioptan® (tafluprost ophthalmic solution), a prostaglandin analog indicated for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension;
- AcellFXtm (acellular amniotic membrane), which provides a protective environment or covering for repair to the ocular surface;
- Betimol® (timolol ophthalmic solution), indicated in the treatment of elevated intraocular pressure in patients with ocular hypertension or open-angle glaucoma;
- Cosopt® (dorzolamide HCl and timolol maleate ophthalmic solution), indicated for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension that is insufficiently responsive to beta blockers;
- Cosopt® PF (dorzolamide HCl and timolol maleate ophthalmic solution); indicated for the reduction of elevated intraocular pressure in patients with open-angle glaucoma or ocular hypertension that is insufficiently responsive to beta blockers;
- AzaSite® (azithromycin ophthalmic solution), a macrolide antibiotic indicated for the treatment of bacterial conjunctivitis caused by susceptible isolates of certain microorganisms; and
- Akten® (lidocaine HCl ophthalmic gel), a local anesthetic indicated for ocular surface anesthesia during ophthalmologic procedures.
Greenhill & Co., LLC is serving as the financial advisor and Willkie Farr & Gallagher LLP is serving as legal counsel to Akorn on the transaction.
About Akorn
Akorn develops, manufactures and markets specialty pharmaceuticals, including prescription, consumer health and animal health products. As an industry leader in branded and generic products in alternate dosage forms such as ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays, we focus each day on our mission to improve lives, through the quality, availability and affordability of our products. Additional information is available on Akorn's website at www.akorn.com.
Cautionary Note Regarding Forward-Looking Statements
This press release includes statements that may constitute "forward-looking statements," including those regarding the proposed sale of the branded ophthalmic products that are described in this press release, including the timing for the consummation thereof. A number of important factors could cause actual results of the Company and its subsidiaries to differ materially from those indicated by such forward-looking statements and readers should not place undue reliance on the Company's forward-looking statements. These forward-looking statements are based on information, plans and estimates at the date of this release. The Company undertakes no obligation to update any forward-looking statements to reflect changes in underlying assumptions or factors, new information, future events or other changes.
SOURCE Akorn Operating Company LLC
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SOURCE Akorn Operating Company LLC
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