Akorn, Inc. has acquired the U.S. rights to three branded ophthalmic products, AzaSite, COSOPT and COSOPT PF, from Merck for $52.8 million in cash. In addition, Akorn has signed a two-year supply agreement with Merck and a transition services agreement. Akorn plans to ship COSOPT and COSOPT PF immediately upon closing and expects to begin shipping AzaSite in 1Q14.
"We are excited to announce this transaction which will further expand Akorn's position as a leader in U.S. ophthalmology products," said Raj Rai, chief executive officer, Akorn. "The addition of these branded products to Akorn's portfolio strengthens our business and leverages our existing ophthalmic sales force and physician relationships."
"The decision to divest a portion of our ophthalmics business in the U.S. is part of our ongoing strategy to sharpen our commercial focus and improve our operational effectiveness," said Jay Galeota, president, Hospital and Specialty Care at Merck. "This transaction provides products that complement Akorn's portfolio and is designed to ensure continued access for physicians and patients to these medicines in the U.S."