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Acquisition adds TheraTears brand to Company s leading eye care portfolio
Acquisition expected to add approximately $60 and $20 million of Revenue and EBITDA, respectively on an annual basis
Transaction expected to close during fiscal 2Q
TARRYTOWN, N.Y., May 27, 2021 (GLOBE NEWSWIRE) Prestige Consumer Healthcare Inc. ( Prestige or the Company ) (NYSE:PBH) today announced that it has entered into a definitive agreement to acquire a portfolio of over-the-counter consumer brands from specialty pharmaceutical company Akorn Operating Company LLC ( Akorn ) for $230 million in cash. The agreement is structured as an asset purchase that delivers anticipated tax benefits of ~$30 million and expected annual EBITDA of ~$20 million equating to a transaction valued at less than 10x pro-forma EBITDA. The transaction is estimated to add annual Revenues, Earnings Per Share and Operating Cash Flow of approximately $60 million, $0.10 and $13 million, respectively.
/PRNewswire/ Akorn Operating Company LLC ("Akorn" or the "Company"), a leading specialty pharmaceutical company, announced today that it has entered into a.
Alembic Pharma gets USFDA nod for ophthalmic solution
Drug firm Alembic Pharmaceuticals on Wednesday said it has received approval from the US health regulator for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic Solution, used to treat certain types of glaucoma and other causes of high pressure inside the eye.
The approved product is therapeutically equivalent to the reference listed drug product (RLD) Cosopt Ophthalmic Solution, 2 percent and 0.5 percent, of Akorn Operating Company LLC.
The company has received approval from the US Food and Drug Administration (USFDA) for its abbreviated new drug application (ANDA) for Dorzolamide Hydrochloride and Timolol Maleate Ophthalmic Solution USP, 2 percent and 0.5 percent, Alembic Pharmaceuticals said in a regulatory filing.
Benchmark indices ended a volatile session with strong gains on Wednesday after the Reserve Bank of India announced measures to tackle the rising second wave of COVID-19 pandemic. The Nifty managed to close above the 14,600 mark. Barring the Nifty Realty index, all sectoral indices on the NSE ended in the green.
As per the provisional closing data, the S&P BSE Sensex, rallied 424.04 points or 0.88% to 48,677.82. The Nifty 50 index gained 121.35 points or 0.84% to 14,617.40.
In the broader market, the S&P BSE Mid-Cap index added 1.05% while the S&P BSE Small-Cap index surged 0.77%.
The market breadth was strong. On the BSE, 1,842 shares rose and 1,097 shares fell. A total of 173 shares were unchanged.
The drug maker received a final approval from the US drug regulator for its Abbreviated New Drug Application (ANDA) for dorzolamide hydrochloride and timolol maleate ophthalmic solution.
The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Cosopt Ophthalmic Solution, 2% and 0.5% of Akorn Operating Company.
Dorzolamide hydrochloride and timolol maleate ophthalmic solution is a combination of dorzolamide hydrochloride carbonic anhydrase inhibitor, and timolol maleate, a beta-adrenergic receptor blocking agent, indicated for the reduction of elevated intraocular pressure (IOP) in patients with open-angle glaucoma or ocular hypertension who are insufficiently responsive to beta-blockers.
As per IQVIA, dorzolamide hydrochloride and tirnolol maleate ophthalmic solution USP, 2% and 0.5% has an estimated market size of $80 million for twelve months ending December 2020.