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US- based Akorn Inc has signed a letter of intent with Mumbai -based domestic pharma major Cipla, to develop and supply an oral anti effective abbreviated new drug development application (ANDA) drug product. Akorn will pay Cipla product development milestone fees of an undeclared amount. The US firm has agreed to purchase the product from Cipla and will own the ANDA with exclusive marketing rights in the US. The oral ANDA anti-effective drug product is distributed and used primarily in US hospitals and has a current market size of approximately $100 billion. While Cipla will be responsible for the development and manufacturing of the drug,Akorn will be responsible for the ANDA regulatory submission and clinical development. Speaking about the tie-up,Arthur Przybyl, Akorns chief executive officer said: "Over the years, Cipla has demonstrated its ability to successfully develop and manufacture drug products for the US marketplace. This product is an excellent fit for Akorns distribution channel strategy because the product sales are primarily driven by hospitals." Akorn manufacturers and markets sterile speciality pharmaceuticals. With manufacturing facilities in Decatur, Illionis, Somerset and New Jersey, the firm markets and distributes an extensive line of hospital and ophthalmic pharmaceuticals. |
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| Posted : 11/10/2005 |
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