Healthcare Industry News: dry powder
News Release - July 11, 2008
Akorn-Strides, LLC Announces the First Commercial Product Launch for the Joint Venture, Rifampin for Injection
BUFFALO GROVE, Ill.--(HSMN NewsFeed)--Akorn-Strides, LLC today announced the first commercial product launch for the Joint Venture, Rifampin for Injection USP, 600 mg/vial. Rifampin is used in the treatment of all forms of tuberculosis in conjunction with Isoniazid and Ethambutol.To date, the company has filed for 18 ANDAs and received nine ANDA approvals. Five additional products are under development and expected to be filed in the next 12 months. The Joint Venture expects to generate immediate revenue from this product launch and from several other new product launches in the second half of 2008. The approximate annual IMS market value of the nine approved products is $192 million.
Akorn-Strides, LLC is a Joint Venture that was formed in 2004 by Akorn, Inc. (NASDAQ: AKRX) and Strides Arcolab Limited (NSE: STAR) (BSE: 532531). The primary mission for the Joint Venture is to develop liquid, lyophilized and dry powder formulations of generic injectable products targeting several therapeutic markets with a major focus on anti-infectives, analgesics, anti-emetics and CNS medicines. The manufacturing facility which will support this and other products of the Joint Venture is owned by Strides Arcolab and is located in Bangalore, India.
Arthur S. Przybyl, Akorn’s President and Chief Executive Officer and Member Manager of the Joint Venture stated, “Congratulations to the Strides and Akorn Team members that have engineered the Joint Venture from inception to commercialization. We look forward to the Joint Venture contributing positive operating results for both Akorn and Strides Arcolab in the near future.”
Ravi Seth, CEO International Operations, Strides Arcolab Ltd stated, “The commercial launch of the first product is an important milestone for the Joint Venture and an endorsement of Strides’ philosophy of creating value through partnerships. This also reflects Strides commitment to bring together people, skills and capabilities from around the world to make available affordable pharmaceutical products.”
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 Strides Arcolab, LLC
Strides, listed on the Bombay Stock Exchange Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical company having manufacturing and marketing / sales operations spread across the world. It is one of India’s largest exporters of branded generic pharmaceutical products. Strides manufactures pharmaceutical formulations in various dosage forms, including capsules, tablets and liquid injectables and is one of the world’s top five manufacturers of softgel capsules. Strides has a major presence in various developing countries such as Africa, Latin America and Asia as well as in developed markets such as the U.S., Canada and part of Europe. Strides is one of the largest Indian suppliers of institutionally funded aid projects and is an approved supplier to the Global Drug Facility, UNICEF, and MSF amongst others.
Strides has 14 manufacturing plants spread across the U.S., Brazil, Mexico, Italy, Poland, Singapore and India. This broad manufacturing network facilitates partnering with global organizations ranging from UNICEF and WHO-Global Drug Facility to European and American pharmaceutical multinationals, private labelers and distribution chains. Strides has product registrations in over 37 countries around the world and has earned ISO 9001, ISO 14001 and GMP accreditations including USFDA. Strides employs approximately 1,700 people across the globe. Strides also has a marketing presence in over 50 countries.
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Source: Akorn
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