Akorn Operating Company, a leading specialty pharmaceutical company, announced that it has entered into a definitive agreement to sell its Consumer Health business to an affiliate of Prestige Consumer Healthcare Inc. for a total enterprise value of $230 million. The closing of the transaction is expected to occur in the third quarter of 2021.

The Consumer Health business primarily consists of the following over-the-counter brands:  TheraTears?, Diabetic Tussin?, MagOx?, Multi-betic?, and Zostrix?.  

"The sale of the Consumer Health business enables us to optimize our core prescription drug portfolio and enhances our capacity to make growth-oriented investments," said Douglas Boothe, Akorn's President and Chief Executive Officer. "Throughout the strategic review, we focused on finding the right partner who can continue to facilitate the strong performance of the Consumer Health business and execute on the business' next phase of growth and maintain supply to highly valued customers and consumers. We are confident that Prestige is the right owner."

Boothe continued, "This transaction represents the continued execution of our strategy to focus on our strong portfolio of prescription pharmaceutical products. We will continue to invest in our core business and strengthen our portfolio of prescription generic and branded drugs. We remain committed to delivering enhanced value for patients and the Akorn enterprise and stakeholders."