Akorn to Acquire Hi-Tech Pharmacal for $640M in Cash

Akorn, Inc.

and Hi-Tech Pharmacal Co., Inc.

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.