Company Watch

Akorn-Strides JV to expand

Our News Bureau - Mumbai

Strides Arcolab and Akorn have agreed to fund, develop and commercialise additional 10 ANDA injectable drugs for their joint venture. Akorn and Strides created and funded the joint venture in 2005 and since then they have developed and submitted 15 ANDAs. Prior to the year-end, the companies expect to submit an additional two ANDAs for a total of 17 ANDAs filed in 2006. The additional funding provided to the JV will expand the Akorn-Strides to 29 ANDAs for a total of 53 SKUs or product line offerings.

The joint venture is developing liquid, lyophilised and dry powder fill generic injectable products targeting several therapeutic markets with a major focus on anti-infectives, analgesics and CNS medicines. In 2007, Akorn-Strides expect to generate revenues based on initial product approvals and subsequent product launches. Arthur S Przybyl, President and CEO of Akorn and Member Manager of Akorn-Strides said, "We are pleased with the progress of the joint venture since its inception. Strides Arcolab has demonstrated on-time execution in developing ANDA injectable drug products. Akorn has been filing regulatory submissions for the joint venture at a rate of approximately two per month. Expanding the joint venture product portfolio will only help to generate greater revenues and market presence."

Arun Kumar, Executive Vice-Chairman and Managing Director of Strides said, "We are delighted to expand the pipeline of products to 29 in our joint venture with Akorn. We are confident that it will emerge as a significant provider of quality sterile products in the North America."