Opthalmic and injectables manufacturer Akorn will acquire Hi-Tech Pharmacal for $640 million in cash, the companies said. Hi-Tech Pharmacal’s products include generic albuterol inhalation solution and fluticasone nasal spray, plus several OTC intranasal products. The company also offers contract manufacturing for a variety of dosage forms including inhalation solutions and nasal sprays.
Akorn CEO Raj Rai explained, “This is a transformative event for our company. The portfolio of Hi-Tech products is a great strategic fit to our currently marketed products as it diversifies our offering to our retail customers beyond ophthalmics to other niche dosage forms such as oral liquids, topical creams and ointments, nasal sprays and otics. In addition, we are excited about Hi-Tech’s product pipeline which would further enhance growth opportunities for the combined platform.”
Read the Akorn press release.
