« Return to News | Drug Sponsors

Akorn to acquire Hi-Tech Pharmacal

Wednesday, August 28, 2013 12:40 PM

Akorn, a niche pharmaceutical company developing, manufacturing and marketing multisource and branded pharmaceuticals with a focus on sterile ophthalmic and injectables, will acquire Hi-Tech Pharmacal, a specialty pharmaceutical company developing, manufacturing and marketing generic and branded prescription and over-the-counter (OTC) products,  for $640 million in cash.

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 ECR Pharmaceuticals subsidiary markets branded prescription products.

Akorn will pay $43.50 per share. Akorn expects to achieve between $15 million and $20 million in annual run-rate synergies within 12 months. The combined company is expected to have annual revenues in excess of $500 million and the transaction is expected to be accretive to Akorn's non-GAAP adjusted earnings per share immediately upon closing.  

Raj Rai, Akorn's chief executive officer, said, "The acquisition of Hi-Tech will also add branded OTC products in the categories of cough and cold, nasals and topicals to Akorn's existing TheraTears brand of eye care products."

Share:          
CLINICAL TRIAL RESOURCES

Search:

NEWS ONLINE ARCHIVE

Browse by:

CWWeekly

September 30

Novartis-Walgreens pilot study blurring the line between retail pharmacy, investigative site

CISCRP to launch traveling science museum exhibit to demystify clinical trial participation

Already a subscriber?
Log in to your digital subscription.

Subscribe to CWWeekly.

The CenterWatch Monthly

October

New growth and decline in Asia clinical trials
South Korea, Japan, China see big growth in 1572s, while India posts huge drop

Harnessing Big Data to transform clinical trials
From protocol to patient recruiting, data analytics can yield valuable insights

Already a subscriber?
Log in to your digital subscription.

Purchase the October issue.

Subscribe to
The CenterWatch Monthly.

The CenterWatch Monthly

September

Sponsors look to collaborate on comparator drugs
Co-therapies, comparators are in 60% of studies, cost $25m per company a year

Early adopters implement risk-based monitoring pilot programs
Experiments aim to offer long-term solutions, despite short-term uncertainties

Already a subscriber?
Log in to your digital subscription.

Purchase the September issue.

Subscribe to
The CenterWatch Monthly.

JobWatch centerwatch.com/jobwatch

Featured Jobs

More Jobs

 

Copyright © 1995-2013 CenterWatch.