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Press Release
Akorn, Inc. Acquires Three Multi-Application Ophthalmic Products From Allergan; Exclusive Worldwide Rights for Widely Prescribed Diagnostics
LINCOLNSHIRE, IL.--(BUSINESS WIRE)--July 14, 1998--Akorn, Inc. (NASDAQ: AKRN) today announced the purchase of three multi-application ophthalmic diagnostic products currently licensed from Allergan, Inc.
The purchase grants Akorn worldwide exclusive rights for Fluress, Ful-Glo and Rose Bengal. Fluress is currently Akorn's number one selling product. All three products are stains used in a wide array of ophthalmic procedures such as fitting contact lenses, removing corneal foreign bodies, identifying dead cells in the eye and assessing tear breakup.
Akorn's license to sell these three products in the U.S. was due to expire at the end of 1999. Allergan has been selling these products outside of the U.S.and will retain the rights to distribute them outside the U.S. as exclusive agent for Akorn. Akorn has been manufacturing Fluress while the other two products are manufactured by an outside contractor. Akorn will assume this supply agreement.
Scott Zion, Sr. Vice President and General Manager of the Ophthalmic Division said, "The acquisition of these products will eliminate significant Akorn royalty payments. We are very happy to have acquired ownership of our number one product."
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from anticipated results as a result of certain risks and uncertainties, including but not limited to the effects of federal, state and other governmental regulation of the Company's business; the company's success in acquiring, developing, manufacturing and marketing new products; the effects of competition from generic pharmaceutical and other pharmaceutical companies; and other risks and uncertainties identified in the Company's Securities and Exchange Commission Filings.
This press release is available on the KCSA Worldwide web site at www.kcsa.com.
CONTACT: AKORN, INC.
Rita McConville, Chief Financial Officer
(847) 236-3851
or
KCSA Worldwide, New York
Paul Holm/Joseph A. Mansi
(212) 682-6300, ext.201/205
Copyright 1998, Business Wire. All of the releases provided by Business Wire are protected by copyright and other applicable laws, treaties and conventions. Information cont |
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