Akorn Inc. has signed a definitive agreement with Azad Pharma; a privately held pharmaceutical company located in Toffen, Switzerland, to develop and supply Latanoprost, Bimatoprost and Travoprost, three ophthalmic ANDA drug products for the treatment of glaucoma.
The total United States market size for these three products is $870M, according to 2006 IMS data. The drug products are expected to be manufactured by Taejoon Pharmaceutical Co Ltd., located in Seoul, South Korea. Azad is the Agent for Taejoon Pharmaceuticals in this agreement.
Taejoon and Azad are responsible for completion of the Regulatory dossiers and upon ANDA approval, will manufacture and supply the products to Akorn in a blow-fill seal container closure system.
Akorn is responsible for the Regulatory filings of the ANDA's and will own the ANDA's. As part of this Agreement, Akorn will have exclusive marketing and distribution rights for the three drug products in the US and Canada. Akorn expects to launch and market the drug products based on their respective patent expiry dates.
Arthur S. Przybyl, Akorn's president and CEO stated, "This agreement continues to broaden our product development efforts in ophthalmology. Currently, we have eight ophthalmic ANDA submissions on file with the Office of Generic Drugs, have announced a tentative approval for Diclofenac, and are preparing to file an NDA for Akten, indicated for ocular anaesthesia soon after announcing the results of our 200 patient clinical trials in January 2007. This Agreement with Azad and Taejoon represents Akorn's first Business Development partnership in the Pacific Rim."
Mike Baronian, Azad Pharma's chairman and CEO stated, "Azad Pharma's focus is in Oncology and Ophthalmology and Akorn's core competence in Ophthalmology in the North American market makes it an ideal partner to penetrate this very exciting market, using Taejoon's excellent product portfolio."