Akorn shells out $52.8 million for rights to three Merck drugs
USA-based niche generic drugmaker Akorn (Nasdaq: AKRX) has acquired from pharma giant Merck & Co (NYSE: MRK) the US rights to three branded ophthalmic products, obtained through Merck’s $430 million purchase of Inspire Pharmaceuticals (The Pharma Letter April 6, 2011), for $52.8 million in cash.
Products included in this transaction are AzaSite (azithromycin ophthalmic solution) 1%, a prescription sterile eye drop solution used to treat bacterial conjunctivitis, Cosopt (dorzolamide hydrochloride and timolol maleate ophthalmic solution) and Cosopt PF, eye drops which help lower pressure in the eye for patients with open-angle glaucoma or ocular hypertension. In addition, Akorn has signed a two-year supply agreement with Merck as well as a transition services agreement with customary terms. Akorn plans to ship Cosopt and Cosopt PT immediately on close and expects to begin shipping AzaSite in the first quarter of 2014.
Financial impact of the transaction
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