VersaPharm details
VersaPharm, a private multi-source prescription pharmaceutical developer, has a line of products in the therapeutic categories of dermatology, tuberculosis and hemophilia. The company has a strong pipeline of more than 20 products that target a potential market share of over $700 million. VersaPharm’s has extensive experience in developing topical products that dovetails well with the manufacturing platform Akorn, Inc. (NASDAQ:AKRX) recently acquired with the Hi-Tech Pharmacal merger.
Statement from Akorn and VersaPharm
Raj Rai, Akorn’s CEO, offered his perspective on the deal, “This acquisition is a highly strategic fit with the recently acquired Hi-Tech platform as well as Akorn, Inc. (NASDAQ:AKRX)’s focus on niche dosage forms. Our acquisition strategy will have resulted in doubling our revenues and product portfolio in a short period of time. With this acquisition we have further diversified our portfolio. We are also very excited about VersaPharm’s robust pipeline that will further accelerate our Company’s long-term growth opportunities.”
VersaPharm’s CEO, Kevin Connelly, spoke positively about the acquisition, “With the support of our equity partner, Tailwind Capital, and through the efforts of our dedicated employees, VersaPharm has generated exceptional growth since we acquired the Company in 2007. Akorn, Inc. (NASDAQ:AKRX) is a great fit for VersaPharm to realize the full potential of our dermatology-focused product pipeline and continue to meet the needs of our customers. We look forward to working with Raj Rai and his team to support the success of the combined entity.”