Healthcare Industry News: hyaluronidase
News Release - January 30, 2007
Akorn, Inc. Signs an Exclusive Supply Agreement For Hydase(TM) (Hyaluronidase Injection, USP) 150 Units/mL, an NDA ProductBUFFALO GROVE, Ill.--(HSMN NewsFeed)--Akorn, Inc. (AMEX: AKN ) today announced that it has signed an Exclusive Supply Agreement with PrimaPharm, Inc., a privately-held pharmaceutical company located in San Diego, California to supply Hydase, a branded, NDA drug product indicated as an adjuvant to increase the absorption and dispersion of other injected drugs. The total United States market size for hyaluronidase Injection is $8.6M, according to 2006 IMS data.
Hydase(TM) will be manufactured by PrimaPharm, Inc., who owns the NDA. Hydase' formulation is preservative free and does not contain thimerosal, a mercury containing agent. Akorn will have exclusive marketing and distribution rights in the U.S. and Puerto Rico, and expects to launch the product in the first half of 2007.
Arthur S. Przybyl, Akorn's President and Chief Executive Officer stated, "This is a niche, NDA product that fits our marketing strategy in both our hospital and ophthalmic business segments. The fact that Hydase(TM) does not contain thimerosal is an important competitive advantage over other marketed hyaluronidase drugs."
Zak Hassanein, President and CEO, PrimaPharm, Inc., stated "We are excited about Akorn's marketing strength and their ability to position Hydase(TM) in the surgical marketplace. Our partnership with Akorn will take advantage of the additional capacity available at our new, 50,000 square foot, state-of-the-art cGMP manufacturing facility in San Diego, due to open in early 2007."
About Akorn, Inc.
Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois and Somerset, New Jersey and markets and distributes an extensive line of hospital and ophthalmic pharmaceuticals. Additional information is available at the Company's website at www.akorn.com.
About PrimaPharm Inc.
PrimaPharm is a privately held developer and contract manufacturer of Drugs, Medical Devices and Diagnostics. Located in San Diego, California, the Company, in business since 1992, is a FDA inspected, cGMP manufacturer of high quality, Pharmaceutical and Medical Device products including aseptic injectables, liquids, gels, lyophilized drugs, ointments, creams, emulsions and suspensions with separate facilities for the manufacture of cytotoxic drugs. Additional information is available at the Company's website at www.primapharm.net
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