Akorn completes acquisition of Hi-Tech Pharmacal
LAKE FOREST, Ill. — Akorn on Thursday announced that it has completed its previously announced acquisition of Hi-Tech Pharmacal for $640 million in cash. The combination of Akorn and Hi-Tech will transform the company into a larger, more diversified generic player, the company stated. This combination also brings critical mass and scale to Akorn’s business and strengthens the company’s position with retail and institutional customers.
In addition, the acquisition expands manufacturing capabilities into additional niche dosage forms including nasal sprays, topical gels, creams, ointments and oral liquids, Akorn noted, and it provides additional breadth in the retail OTC market.
“We welcome our new colleagues from the Hi-Tech team and look forward to collaborating with them on the future direction of our company," stated Raj Rai, Akorn CEO. "Our priority now turns to executing on our integration plan."
Ad Age: Reckitt Benckiser seeking new creative to drive Mucinex business
NEW YORK — Reckitt Benckiser is seeking new creative behind its Mucinex brand, according to a report published in Ad Age Thursday.
Citing Kantar data, Ad Age reported RB placed $92 million behind Mucinex in 2012, when there was a strong and robust cough, cold and flu season helping to drive sales. Spending behind Mucinex in 2013 fell to $57 million.
RB CEO Rakesh Kapoor told analysts Wednesday that RB is "creating a new force in consumer health."
"We are allocating significant resources to consumer health, in terms of capabilities, R&D, brand equity investment and innovation, and we are seeing strong organic growth," he said. RB recently introduced Mucinex Allergy to store shelves.
Mylan announces launch of Xulane
PITTSBURGH — Mylan announced the launch of Xulane (norelgestromin/ethinyl estradiol transdermal system 150/35-mcg per day), the generic version of Ortho Evra (norelgestromin/ethinyl estradiol transdermal system 150/35-mcg per day) from Janssen Pharmaceuticals. The drug is used to prevent pregnancy in women who want to use a transdermal patch as a contraception method.
"Mylan is proud to continue expanding its portfolio of transdermal products through the launch of the first generic Ortho Evra Patch. Mylan’s Xulane (norelgestromin/ethinyl estradiol transdermal system 150/35-mcg per day), which provides women with a high quality, affordable treatment option, once again demonstrates Mylan’s commitment to bring to market difficult-to-develop and -manufacture medicines in support of our mission to expand access to high quality medicine," Heather Bresch, Mylan CEO, said.
Ortho Evra had sales in the United States of approximately $152.9 million for the 12 months ending Dec. 30, 2013, according to IMS Health.