Akorn, Théa Pharma complete branded ophthalmic products sale

Akorn, a leading specialty pharmaceutical company, has completed its previously announced sale of seven branded ophthalmic products to Théa Pharma.

Under the deal, Théa Pharma acquired seven products, including established glaucoma therapies Zioptan, Cosopt, Cosopt PF and Betimol, along with Azasite, Akten and the ocular surface repair agent AcellFX.

[Read more: Prestige acquiring Akorn's consumer health brands]

"Throughout the process of selling our ophthalmic branded franchise, we focused on finding the party best equipped to develop and expand it and the talented team behind it," Douglas Boothe, Akorn's president and CEO, said. 

Greenhill & Co., is serving as the financial advisor, and Willkie Farr & Gallagher is serving as legal counsel to Akorn on the transaction.

[Read more: Akorn gets FDAclearance for generic lotemax]

"I'm confident in Théa Pharma and wish great success to our former employees and the entire Théa Pharma team. Moving forward Akorn will invest in its facilities and targeted avenues of growth such as its animal care and human generics businesses," Boothe said.