Akorn, Inc. | $AKRX Stock | Shares Spark after FDA Approves ANDA


Akorn Inc (NASDAQ: AKRX)


Shares in Akorn Inc rose as much as 13 percent before the opening bell on Wednesday after the specialty generic pharmaceutical company announced that the U.S. Food Drug Administration (FDA) has approved its new Abbreviated New Drug Application (ANDA) for Bimatoprost Ophthalmic Solution, 0.03%.

The solution is designed to treat Hypotrichosis of the eyelashes by improving their thickness, darkness, and length.

Wednesday’s premarket rally puts shares of the company on track for a seventh-straight gain. The shares, which ended Tuesday’s regular trading session at $6.46, have lost nearly 80% since the beginning of the year.

The stock fell 59% last week after a Delaware court ruled in favor of Fresenius SE & Co., which had been seeking to end a $4.3 billion merger with Akorn.

Fresenius is based in Germany and filed a lawsuit earlier this year accusing the Lake Forest-based company of failing to fulfill some closing conditions of the deal.

Akorn, Inc. Company Profile

Akorn, Inc., a specialty generic pharmaceutical company, develops, manufactures, and markets generic and branded prescription pharmaceuticals, over-the-counter (OTC) consumer health products, and animal health pharmaceuticals in the United States and internationally. The company operates in two segments, Prescription Pharmaceuticals and Consumer Health.

The Prescription Pharmaceuticals segment offers generic and branded prescription pharmaceuticals in various dosage forms, including sterile ophthalmics, injectables, and inhalants; and non-sterile oral liquids, topicals, nasal sprays, and otics.

Its primary products include Akten, a topical ocular anesthetic gel; AzaSite, an antibiotic used to treat bacterial conjunctivitis; Cosopt, Cosopt PF, Betimol, and Zioptan, which are used in the treatment of glaucoma; and Xopenex inhalation solution used in the treatment or prevention of bronchospasm.

The Consumer Health segment manufactures and markets OTC products for the treatment of dry eye under the TheraTears brand. It also markets other OTC consumer health products, including Mag-Ox, a magnesium supplement; and the Diabetic Tussin line of cough and cold products.

In addition, this segment offers a portfolio of animal health products, such as Anased and VetaKet veterinary sedatives; Tolazine and Yobine sedative reversing agents; and Butorphic, a pain reliever.

Akorn Inc competes with Teva Pharmaceutical Ltd., Apotex Inc., Fresenius Kabi AG, Hikma Pharmaceuticals plc, Novartis International AG, Perrigo Company plc, Pfizer Inc., Mylan N.V., Taro Pharmaceutical Industries Ltd. and Valeant Pharmaceuticals International, Inc., Allergan plc and Johnson & Johnson. The company was founded in 1971 and is headquartered in Lake Forest, Illinois. – Bloomberg