Shares of specialty generic pharma company Akorn, Inc. AKRX are advancing solidly Monday morning thanks to twin announcements announced late last week.
What Happened
Akorn said the FDA greenlighted two of its generic candidates: 1) fluticasone propionate nasal spray USP, 50 mcg per spray and 2) loteprednol etabonate ophthalmic suspension, 0.5 percent.
The fluticasone propionate nasal spray, indicated as a temporary relief for hay fever and other upper respiratory allergies in adult and pediatric patients 4 years and older, is an over-the-counter medication and a generic version of GlaxoSmithKline plc GSK's Flonase. The loteprednol suspension is a generic version of Bausch Health Companies Inc BHC unit Bausch + Lomb's branded drug Lotemax.
It's indicated to treat post-operative inflammation following ocular surgery and steroid responsive inflammatory conditions of the eye.
Why It's Important
Loteprednol etabonate ophthalmic suspension 0.5 percent generated sales of about $89 million in the 12-month period ended February, Akorn said, citing IQVIA.
Akorn said it's in the final stage of the commercial launch of loteprednol suspension.
In pre-market trading Monday, Akorn's stock traded higher by 10.8 percent to $3.07 per share.
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