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Akorn to acquire Advanced Vision Research

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LAKE FOREST, Ill. — Akorn has entered into an agreement to acquire Advanced Vision Research for $26 million, according to a press release from Akorn.

The acquisition should be neutral to Akorn's 2011 earnings per share after accounting for transaction-related expenses and the purchase price allocation of $.01 to $.02 in earnings per share, according to the release. By 2012, Advanced Vision Research (AVR) is expected to add $.03 to $.04 in earnings per share.

After the acquisition, Akorn plans to launch a new consumer health division to license and develop private-label eye care products. Bruce Kutinsky, PharmD, senior vice president of corporate strategy at Akorn, will serve as president of the newly formed division.

"AVR is a great strategic platform to expand into the OTC eye care market," Raj Rai, Akorn's CEO, said in the release. "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."