Serum buys into Akorn
The Serum Institute of India (the world's fifth largest vaccine manufacturer) has purchased one million shares of specialty pharmaceuticals company Akorn at a share price equal to US$3.56.
The Serum Institute of India (the world's fifth largest vaccine manufacturer) has purchased one million shares of specialty pharmaceuticals company Akorn at a share price equal to US$3.56.
'This equity investment by Serum serves to further solidify our long term strategic partnership,' said Arthur Przybyl, president and ceo of Akorn.
'In October 2004, Akorn and Serum entered into an exclusive drug development and distribution agreement for oncology and other injectable products. Since that time, Serum has begun constructing a dedicated manufacturing facility in Pune, India to support these efforts and Akorn expects regulatory filings to commence in 2007,' Przybyl added.
The two companies expect to enter a definitive agreement for biologic product development and dis-tribution in the near future.
Cyrus Poonawalla,, chairman and md of Serum In-stitute, said: 'We are excited with this investment opportunity, as it gives both our organisations a larger canvas to develop and market a number of products for the American markets.'