Akorn, Inc has signed a definitive agreement with Fidia Farmaceutici, a privately-held pharmaceutical company located in Abano Terme (Padova), Italy, to develop four ANDA drug products.
The four products include one ointment and one cream for topical application, and two tablet formulations used in the immuno compromised anti-viral market. The combined current market size of the four drugs is approximately $1.0 billion. Fidia will be responsible for product development and manufacturing of all four products including clinical development of the two tablet formulations while Akorn will be responsible for the clinical development of the ointment and cream formulations along with sales and marketing efforts. According to the signed agreement, Akorn will make milestone development fee payments to Fidia and have exclusive rights to market these four drugs in both the United States and Canada, according to the company release.
Arthur S. Przybyl, Akorn's President and CEO stated, "These drug products represent an important future revenue opportunity for Akorn. Fidia has the expertise and capabilities to develop these four drugs."
Emilio Mauri, Fidia's managing director stated, "We are pleased to extend our successful business partnership with Akorn, which represents a milestone in our commitment to making available high quality drug products in the US and Canadian markets."
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.