Akorn, Strides Arcolab to expand JV product pipeline

Strides Arcolab Limited (NSE: STAR, BSE: 532531) and Akorn, Inc. (AMEX: AKN) today announced that both Companies have agreed to fund, develop, and commercialize an additional 10 ANDA injectable drug products for the Akorn-Strides, LLC Joint Venture. Akorn and Strides created and funded the Joint Venture in 2005 and since that time have developed and submitted 15 ANDA's. Prior to year end, the Joint Venture expects to submit an additional 2 ANDA's for a total of 17 ANDA's filed in 2006. The Joint Venture is developing liquid, lyophilized and dry powder fill generic injectable products targeting several therapeutic markets with a major focus on anti-infectives, analgesics and CNS medicines.

The additional funding provided to the Joint Venture will expand the Akorn-Strides, LLC to 29 ANDA's for a total of 53 SKU's, or product line offerings. The Joint Venture expects to generate revenues in 2007 based on initial product approvals and subsequent product launches.

Arthur S. Przybyl, President and CEO of Akorn and Member Manager of Akorn-Strides, LLC stated, "We are pleased with the progress of the Joint Venture since its inception. Strides Arcolab has demonstrated on-time execution in developing ANDA injectable drug products for the Joint Venture. Akorn has been filing regulatory submissions for the Joint Venture at a rate of approximately two per month. It stands to reason that expanding the Joint Venture product portfolio will only help to generate greater revenues and market presence."

Arun Kumar, Executive Vice Chairman and Managing Director of Strides and Member Manager of Akorn-Strides, LLC stated, "We are delighted to expand the pipeline of products to 29 in our Joint Venture with Akorn and we are confident that the Joint Venture will emerge as a significant provider of quality sterile products in the North American region."