Akorn-Strides sells product portfolio to Pfizer for $28 mn

Strides Arcolab on Thursday said Akorn-Strides, its equal joint venture with Akorn, agreed to sell 16 approved abbreviated new drug approvals (ANDAs) and 6 filed ANDAs to Pfizer.

Strides would be entitled to $ 28.2 million in cash as its share of the consideration in addition to entering into supply agreement with Pfizer for manufacturing and supply of these products, the company said in a statement.

As part of the agreement, Akorn-Strides will continue to manufacture and distribute a limited number of the approved products until April 30, 2011.

At 12:40 pm IST, shares of Strides Arcolab were trading 1.20 per cent higher at Rs 444.50 on the National Stock Exchange (NSE) on Thursday.