Akorn buys minority stake in ophthalmic firm Aciex; posts strong 2nd-qrtr 2011 earnings
US specialty pharma company Akorn (Nasdaq: AKRX), has entered into an agreement to acquire an unspecified minority stake in Westborough, Massachusetts-based Aciex Therapeutics an ophthalmic drug development company with a focus on developing novel therapeutics to treat ocular diseases.
Aciex’ pipeline consists of both clinical stage assets and pre-IND stage assets. In addition, Akorn signed a global licensing agreement for a novel over-the-counter eye care product and manufacturing agreement for one of Aciex’ lead prescription products.
The news, along with better-than-expected second-quarter earnings (see below), saw Akorn’s shares jump 12% to $8.07.
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