Akorn to Acquire Hi-Tech Pharmacal for $640M in Cash, $43.50/Share
Akorn, Inc. (NASDAQ: AKRX) and Hi-Tech Pharmacal Co., Inc. (NASDAQ: HITK) today announced that they have entered into a definitive agreement
under which Akorn will acquire Hi-Tech for $640 million in cash.
Hi-Tech is a specialty pharmaceutical company developing, manufacturing
and marketing generic and branded prescription and over-the-counter
(OTC) products. Hi-Tech specializes in difficult to manufacture liquid
and semi-solid dosage forms and produces and markets a range of oral
solutions and suspensions, as well as topical ointments and creams,
nasal sprays, otics, sterile ophthalmics and sterile ointment and gels
products. Hi-Tech's Health Care Products division is a leading developer
and marketer of OTC products. Hi-Tech's ECR Pharmaceuticals subsidiary
markets branded prescription products.