Akorn, Inc. is a specialty generic pharmaceutical company that develops, manufactures and markets generic and branded prescription pharmaceuticals and branded as well as private-label over-the-counter consumer health products and animal health pharmaceuticals. Akorn is an industry leader in the development, manufacturing and marketing of generic pharmaceutical products in alternate dosage forms. The Company focuses on difficult-to-manufacture sterile and non-sterile dosage forms including, but not limited to, ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
In order to successfully execute its strategy, Akorn continues to capitalize on its core strengths:
Research and development expertise in alternate dosage forms. The R&D efforts are primarily focused on the development of multisource generic products that are in dosage forms other than oral solid dose. The Company considers dosage forms outside of oral solid dose to be “alternate dosage forms.” These products typically have fewer competitors in mature markets, are more difficult to develop and manufacture and can carry higher profitability over time than oral solid dose products. The alternate dosage form products that Akorn focuses on are primarily those that it can manufacture, namely: ophthalmics, injectables, oral liquids, otics, topicals, inhalants and nasal sprays.
Alternate dosage form manufacturing expertise. The Company’s manufacturing network specializes in alternate dosage form products. Four of its five manufacturing facilities are Food and Drug Administration (“FDA”) approved, including its:
|(1)||Decatur, Illinois facility, which specializes in sterile products, primarily injectables;|
|(2)||Somerset, New Jersey facility, which specializes primarily in sterile ophthalmic products;
|(3)||Amityville, New York facility, which specializes in topical creams, gels and ointments, oral liquids, otic liquids, nasal sprays and unit dose oral liquid products; and|
|(4)||Hettlingen, Switzerland facility, which specializes primarily in sterile ophthalmic products;|
All of Akorn’s FDA approved facilities have been inspected by the FDA. The Company’s Paonta Sahib, Himachal Pradesh, India facility is not yet FDA approved. The Paonta Sahib facility is a sterile injectable facility with separate areas dedicated to general injectable products, carbapenem injectable products, cephalosporin injectable products and hormonal injectable products. In addition, the cephalosporin area of the facility has the ability to produce non-sterile oral cephalosporin products. The Company is actively pursuing FDA approval of this facility.
Established portfolio of generic, branded, OTC and animal health products. Akorn markets a diverse portfolio of generic prescription pharmaceutical products, branded prescription pharmaceutical products, OTC brands, various formulations of private-label OTC pharmaceutical products and a number of prescription animal health products. For its human prescription products, Akorn’s diverse portfolio of alternate dosage form products sets it apart from larger competitors and allows it to provide a single source of these products for its customers. The OTC and animal health portfolios are largely complementary to the human prescription products, allowing the Company to leverage its manufacturing and development expertise.
Targeted sales and marketing infrastructure. Akorn maintains a targeted sales and marketing infrastructure to promote its branded, generic, OTC and animal health products. The Company leverages its sales and marketing infrastructure to not only promote its branded portfolio, but also to sell its multisource generic products directly into physician offices, hospital systems and group purchasing organizations.
Significant management expertise. Akorn’s senior management team has a demonstrated track record of building and operating high-growth healthcare and pharmaceutical companies through product development, in-licensing and acquisitions. The Company added substantial talent to its management team over the past year including a new Chief Financial Officer, a new head of commercial operations and a new head of pharmaceutical operations, among others.