Allergan Selling Idled Product
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IRVINE — Illinois-based Akorn Inc. said Wednesday it agreed to buy the ophthalmic pharmaceutical product Paremyd from Allergan Inc. for an undisclosed amount of cash.
Paremyd is used for pupil dilation in routine diagnostic procedures, but it has been off the market since 1996 due to a raw material shortage.
Akorn has obtained the necessary raw material supplies and, with Allergan’s assistance, said it will act quickly to obtain Federal Drug Administration approval to manufacture the product at its own facility.
Lincolnshire-based Akorn makes, markets and distributes sterile ophthalmic and injectable pharmaceuticals and related products.
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