Akorn To Acquire AVR

Akorn, Inc. has entered into an agreement to acquire Advanced Vision Research, Inc. (AVR), an OTC ophthalmic company, for $26 million in cash. AVR develops and markets eye care products under the brands TheraTears and MacuTrition for dry eyes, eyelid hygiene, contact lens comfort and eye nutrition. Last year, AVR had sales of $20 million.

Akorn also plans to launch a new Consumer Health Division to enter the $1.2 billion OTC eye care market. Bruce Kutinsky, Pharm. D., will serve as president of the new division. Mr. Kutinsky joined Akorn as senior vice president of corporate strategy in 2010. Prior to joining Akorn, he served as vice president of strategic solutions at Walgreens. Mr. Kutinsky also held various senior management positions at Option Care, Inc., which was acquired by Walgreens in 2007.

Raj Rai, chief executive officer of Akorn, said, “AVR is a great strategic platform to expand into the OTC eye care market. We have had a positive relationship with AVR for several years as a primary contract manufacturer. With the acquisition, we can add value in future growth as we have an existing sales infrastructure that markets products to ophthalmologists, optometrists, and retailers nationwide complementing AVR’s sales initiatives.”