Akorn To Acquire AVR for Eye Care Market

Akorn Inc. said it will buy Massachusetts ophthalmic company Advanced Vision Research Inc. for $26 million.

Generic drugmaker Akorn, Inc. said Tuesday it has reached an agreement to acquire Advanced Vision Research, Inc. (AVR) for $26 million in cash.

AVR, an OTC ophthalmic company, develops and markets eye care products under the brands TheraTears and MacuTrition for dry eyes, eyelid hygiene, contact lens comfort and eye nutrition. Last year, AVR had sales of $20 million.

Akorn also plans to launch a new Consumer Health Division to enter the $1.2 billion OTC eye care market. Bruce Kutinsky, Pharm. D., will serve as president of the new division. Mr. Kutinsky joined Akorn as senior vice president of corporate strategy in 2010. Prior to joining Akorn, he served as vice president of strategic solutions at Walgreens. Mr. Kutinsky also held various sen