Akorn Inc. and Strides Arcolab Limited have agreed to fund, develop, and commercialise an additional 10 ANDAs (Abbreviated New Drug Application) injectable drug products for the Akorn-Strides, LLC joint venture.
The joint venture (JV) is developing liquid, lyophilized and dry powder fill generic injectable products targeting several therapeutic markets with a major focus on anti-infectives, analgesics and CNS medicines. The additional funding provided to the JV will expand the Akorn-Strides, LLC to 29 ANDAs for a total of 53 products line offerings. It expects to generate revenues in 2007 based on initial product approvals and subsequent product launches.
It may be recalled that Akorn and Strides created and funded the JV in 2005 and since that time have developed and submitted 15 ANDAs. Prior to year-end, the joint venture expects to submit an additional 2 ANDAs for a total of 17 ANDAs filed in 2006.
According to Arthur S. Przybyl, President and CEO of Akorn and member manager of Akorn-Strides, LLC, Strides Arcolab has demonstrated on-time execution in developing ANDA injectable drug products for the JV. Akorn has been filing regulatory submissions at a rate of approximately two per month. Expanding the product portfolio will only help to generate greater revenues and market presence. "We are confident that the JV will emerge as a significant provider of quality sterile products in the North American region, said Arun Kumar, executive vice chairman and MD, Strides and member manager of Akorn-Strides, LLC.
Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois, Somerset, New Jersey and markets and distributes an extensive line of hospital and ophthalmic pharmaceuticals. Strides, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is one of India's largest exporters of branded generic pharmaceutical products.