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Akorn, Inc.

Akorn's stock soars after FDA approves ANDA for eyelash treatment Bimatoprost

The generic drug maker will manufacture the Bimatoprost ophthalmic solution in its New York facility

A bank of eyes
Akorn is a generic pharmaceuticals manufacturer based in Lake Forest, Illinois

Shares of Akorn Inc (NASDAQ:AKRX) shot up in premarket trade Wednesday after the generic drugmaker said its eye solution to treat hypotrichosis of the eyelashes received an Abbreviated New Drug Application (ANDA) approval from the US Food and Drug Administration.

The approval comes for the drug maker’s Bimatoprost ophthalmic solution 0.03% which is manufactured in the company’s Amityville, New York facility. The eye solution can reduce pressure inside the eye and help eyelashes grow.

Shares of the Lake Forest, Illinois-based pharma company soared 8.4% to $7 before the opening bell.

Contract research organization IQVIA, estimated that sales of bimatoprost ophthalmic solution 0.03% totaled nearly $63.5 million for the twelve months ended August 2018.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter@UttaraProactive 

Quick facts: Akorn, Inc.

Price: $4.10

Market: NASDAQ
Market Cap: $517.19 m
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