Dallas, Texas 02/07/2014 (FINANCIALSTRENDS) – $2.12 billion market capped drug generic drug maker Akorn, Inc. (NASDAQ:AKRX) reported in January that it had acquired the full rights to drug named Betimol® (timolol ophthalmic solution) 0.25% & 0.5% from its original manufacturer Santen which is based out of Osaka, Japan. The total revenue impact of the acquisition to Akorn, Inc. (NASDAQ:AKRX) annual revenue numbers is estimated to be between $8 to $9 million.
BETIMOL® is a prescription only ophthalmology drug which is administered in the form of liquid drop into the eyes of the patient who are suffering from hypertension in the blood veins of the eyeball and in the eyeballs itself. The drug has also been approved for treating open angle glaucoma. The drug is based on the compound timolol hemihydrate and is commercially available in dosages of 0.25 percent and 0.5 percent concentration.
The drug in question has already received commercialization approval from U.S Food and Drug administration and the Lake Forest, IL head quartered firm has disclosed that it would be setting itself up to start commencing the shipping and sale of Betimol® by the first quarter of 2014.
Akorn, Inc. (NASDAQ:AKRX) Chief Executive Officer Raj Rai has been quoted to have expressed his confidence in the potential of this drug by stating that, “We are excited to add Betimol® to our portfolio of branded ophthalmic products. This acquisition further enhances our platform and growth opportunities in 2014.” The drug maker has its operations spread across the globe. It boasts of manufacturing facilities in “Decatur, Illinois, Somerset, New Jersey and Paonta Sahib, India”.
In related news Akorn, Inc. (NASDAQ:AKRX) announced on 3rd February that it will be hosting a conference call to discuss its fourth quarter and full year operation results for 2013 on the 3rd of March, 2014. The earnings number will be released before markets open on the day.