Akorn, Inc. Announces Equity Investment by Serum Institute of India, Ltd.
08 9월 2006 - 10:18PM
Business Wire
Akorn, Inc. (AMEX:AKN) today announced that it has reached
agreement with the Serum Institute of India on the terms for the
issuance of one million shares of Akorn's common stock at a share
price equal to $3.56, the closing price on September 7, 2006. The
final issuance of shares is subject to completion of documentation
and customary closing conditions. Serum advanced monies for this
transaction to Akorn on September 8, 2006. Arthur S. Przybyl,
President and Chief Executive Officer of Akorn stated, "This equity
investment by Serum serves to further solidify our long term
strategic partnership. Both companies intend to further expand our
business relationship in the near term. Additionally, Akorn's Board
of Directors intends to nominate Dr. Subash Kapre, Executive
Director with Serum Institute of India, for inclusion on our Board.
"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.
"In April 2006, our two companies entered into a Memo of
Understanding to broaden our product development platform to
include biologics. We expect to finalize and enter into a
Definitive Agreement for biologic product development and
distribution in the near future." Cyrus S. Poonawalla, Ph.D.,
Chairman and Managing Director of Serum Institute stated, "We are
excited with this investment opportunity, as it gives both our
organizations a larger canvas to develop and market a number of
products for the American markets." About Akorn, Inc. Akorn, Inc.
manufactures and markets sterile specialty pharmaceuticals. Akorn
has manufacturing facilities located in Decatur, Illinois and
Somerset, New Jersey and markets and distributes an extensive line
of hospital and ophthalmic pharmaceuticals. Additional information
is available at the Company's website at www.akorn.com. About Serum
Institute of India, Ltd. Serum Institute is the world's fifth
largest vaccine manufacturer. Its products are being exported to
137 countries across the globe. Serum institute is now the largest
producer of measles and DTP vaccines in the world. An average of
more than one out of every two children in the world has received
at least one vaccine from Serum Institute. Additional information
is available at the Company's website at www.seruminstitute.com.
The securities offered in this placement have not been registered
under the Securities Act of 1933, as amended, or state securities
laws, and cannot be offered or sold in the United States absent
registration with the Securities and Exchange Commission (SEC) or
an applicable exemption from the registration requirements. As part
of the transaction, the company has agreed to file a registration
statement with the SEC covering the resale of the shares of common
stock issuable. This news release is neither an offer to sell nor a
solicitation of an offer to buy any of the securities discussed
herein and is being issued under Rule 135c of the Securities Act of
1933. Materials in this press release may contain information that
includes or is based upon forward-looking statements within the
meaning of the Securities Litigation Reform Act of 1995.
Forward-looking statements give our expectations or forecasts of
future events. You can identify these statements by the fact that
they do not relate strictly to historical or current facts. They
use words such as "anticipate," "estimate," "expect," "project,"
"intend," "plan," "believe," and other words and terms of similar
meaning in connection with a discussion of future operating or
financial performance. In particular, these include statements
relating to future steps we may take, prospective products, future
performance or results of current and anticipated products, sales
efforts, expenses, the outcome of contingencies such as legal
proceedings, and financial results. Any or all of our
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out to be wrong. They can be affected by inaccurate assumptions or
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Consequently, no forward-looking statement can be guaranteed. Our
actual results may vary materially, and there are not guarantees
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no obligation to correct or update any forward-looking statements,
whether as a result of new information, future events or otherwise,
even if our expectations or forecasts change. You are advised,
however, to consult any further disclosures we make on related
subjects in our reports filed with the SEC. In particular, you
should read the discussion in the section entitled "Cautionary
Statement Regarding Forward-Looking Statements" in our most recent
Annual Report on Form 10-K, as it may be updated in subsequent
reports filed with the SEC. That discussion covers certain risks,
uncertainties and possibly inaccurate assumptions that could cause
our actual results to differ materially from expected and
historical results. Such factors include, but are not limited to,
risks and uncertainties relating to the resolution of the FDA
compliance issues at our Decatur, Illinois manufacturing facility.
Other factors besides those listed there could also adversely
affect our results.
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