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LAKE FOREST, Ill. — Niche generic pharmaceutical maker Akorn Inc. aims to extend its reach into the consumer eye care space with its $26 million cash deal to buy Advanced Vision Research (AVR) Inc.
Akorn said that with the acquisition, it plans to launch a new consumer health division to enter the $1.2 billion over-the-counter eye care market. Further expansion plans include licensing new products and developing private-label eye care products for major retailers, the company added.
Woburn, Mass.-based AVR develops and markets eye care products for dry eyes, eyelid hygiene, contact lens comfort and eye nutrition under the TheraTears and MacuTrition brands.
To lead its new initiative, Akorn named Bruce Kutinsky as president of the consumer health division.
Kutinsky joined Akorn last year as senior vice president of corporate strategy and before that served as the vice president of strategic solutions at Walgreens. Earlier, he held various senior management positions at Option Care Inc., which was acquired by Walgreens in 2007. He began his career as a retail pharmacist and has a doctor of pharmacy degree.
"AVR is a great strategic platform to expand into the OTC eye care market," Akorn chief executive officer Raj Rai stated. "We have had a positive relationship with AVR for several years as a primary contract manufacturer. With the acquisition, we can add value in future growth as we have an existing sales infrastructure that markets products to ophthalmologists, optometrists and retailers nationwide complementing AVR’s sales initiatives."
Lake Forest, Ill.-based Akorn is a developer, manufacturer and marketer of multisource and branded pharmaceuticals in the areas of ophthalmology, antidotes, anti-infectives and controlled substances for pain management and anesthesia in the United States and globally.
