Market Overview

Akorn's Generic Drug For Inadequate Eye Lashes Receives FDA Nod

Akorn's Generic Drug For Inadequate Eye Lashes Receives FDA Nod

Akorn, Inc. (NASDAQ: AKRX) shares — which tumbled roughly 60 percent to $5.36 Oct. 1 on a ruling that Fresenius SE is free to exit its M&A agreement with Akorn —  had a reprieve early Wednesday.

What Happened

The generic pharma company announced FDA approval for its abbreviated new drug application for bimatoprost ophthalmic solution 0.03 percent.

The product candidate is used to treat hypotrichosis, or inadequate eyelashes, by increasing their growth, including length, thickness and darkness.

Why It's Important

Bimatoprost ophthalmic solution was originally approved by the FDA under the brand name Latisse in December 2008, with the sponsor company being Allergan plc (NYSE: AGN).

The drug generated sales of about $63.5 million in the 12 months ending in August, Akorn said, citing IQVIA data.

Akorn shares were up 0.62 percent at $6.50 at the time of publication Wednesday. 

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