Akorn Enters Into an Agreement to Acquire Advanced Vision Research for $26M in Cash (AKRX)

Akorn AKRX announced today that it has entered into an agreement to acquire Woburn, MA, based Advanced Vision Research, Inc., a premier over-the-counter ophthalmic company that develops and markets eye care products under the TheraTears® and MacuTrition® brand names, for $26 million in cash on hand. These products are used for dry eyes, eyelid hygiene, contact lens comfort and eye nutrition. AVR was founded in 1995 by the late Jeffery P. Gilbard, M.D. with its lead products developed in the clinics and laboratories of Harvard University's Schepens Eye Research Institute. In 2010, AVR generated sales of $20 million, which consisted of domestic sales through major retail chains and sales in 20 countries across 5 continents.