Profile: Akorn Inc (AKRX.O)
14 Mar 2014
Akorn, Inc., incorporated on January 20, 1971, is a manufacturer and markets a full line of diagnostic and therapeutic ophthalmic pharmaceuticals, as well as niche hospital drugs and injectable pharmaceuticals. The Company operates in three segments: ophthalmic, hospital drugs & injectables, and contract services. The Company operates pharmaceutical manufacturing plants in the United States at Decatur, Illinois and Somerset, New Jersey, and internationally at Paonta Sahib, Himachal Pradesh, India, as well as a central distribution warehouse in Gurnee, Illinois, R&D centers in Skokie and Vernon Hills, Illinois and corporate offices in Lake Forest, Illinois. The Company’s customers include physicians, optometrists, hospitals, wholesalers, group purchasing organizations, retail pharmacy chains and other pharmaceutical companies. On February 28, 2012, the Company, through its wholly owned subsidiary, Akorn India Private Limited, acquired selected assets of Kilitch Drugs (India) Limited, and it also acquired selected assets of NBZ Pharma Limited. In November 2013, the Company acquired from Merck, the United States rights to three branded ophthalmic products, such as AzaSite, COSOPT and COSOPT PF, including those product rights obtained through the acquisition of Inspire Pharmaceuticals, Inc., a subsidiary of Merck. In January 2014, Akorn Inc acquired the NDA and all rights to Betimol (timolol ophthalmic solution) 0.25 pct & 0.5 pct from Santen.
The Company operates pharmaceutical manufacturing facilities in Decatur, Illinois and Somerset, New Jersey, and in Paonta Sahib, Himachal Pradesh, India. Its Somerset facility manufactures ophthalmic solutions and ointment products for the Company’s ophthalmic and contract services segments, and gels for its hospital drugs & injectables segment. The Company’s Decatur manufacturing facility manufactures dye products, liquid injectables, lyophilized injectables and ophthalmic solutions for its ophthalmic, hospital drugs & injectables and contract services segments. The manufacturing complex in Paonta Sahib, Himachal Pradesh, India manufactures liquid generic pharmaceutical injectables, injectable and oral cephalosporins, sterile injectable carbapenems, hormones and oncology products. The Paonta Sahib plant manufactures product for Indian contract customers and for export to Africa, Asia and other unregulated markets.
The Company markets diagnostic and therapeutic ophthalmic pharmaceutical products. Diagnostic products, primarily used in the office setting, include mydriatics and cycloplegics, anesthetics, topical stains, gonioscopic solutions, angiography dyes and others. Therapeutic products, sold primarily to wholesalers, chain drug stores and other national account customers, include antibiotics, steroids, steroid combinations, glaucoma medications, decongestants/antihistamines and anti-edema medications. Non-pharmaceutical products include various artificial tear solutions, preservative-free lubricating ointments and eyelid cleansers. Akorn, Inc. also markets a line of over-the-counter (OTC) dry eye and other eye health products principally under the TheraTears brand name. These products are sold through major chain drug stores and big box retailers, as well as directly to optometrists, ophthalmologists and other eye care practitioners and clinics.
Hospital Drugs & Injectables Segment
The Company’s Hospital Drugs & Injectables segment markets a line of hospital drug and injectable pharmaceutical products, including antidotes, anti-infectives, controlled substances for pain management and anesthesia, and other selected pharmaceutical products. These products are predominately sold to hospitals through the wholesale distribution channel. The Company also makes Td vaccine from time to time.
Contract Services Segment
Akorn, Inc. manufactures ophthalmic and injectable pharmaceutical products. It manufactures for third party pharmaceutical customers based on their specifications. It sales various drugs that it manufactures for others under their own brand names.
The Company competes with include Allergan Pharmaceuticals, Inc., Novartis, Bausch & Lomb, Inc., Apotex, Sun Pharmaceuticals, Hospira, Inc., Teva Pharmaceutical Industries, Pfizer, Inc., Sagent, APP, American Regent, Inc., Hikma and Bedford.
1925 W. Field Court
LAKE FOREST IL 60045