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]